Holcim merging 2 subsidiaries

MANILA, Philippines — Holcim Philippines Manufacturing Corp. is merging Bulkcem Philippine Inc. and MabiniGrinding Mill Corp. into the company.

In a disclosure yesterday, Holcim Philippines said that its board of directors approved the planned merger last week.

Holcim will hold a special stockholders meeting on Jan. 15, 2021 via remote communication and delegation for the approval of the planned transaction.

Bulkcem Philippines is a wholly owned subsidiary of Holcim and its main business at present is the leasing of its bulk terminal located in Iloilo.

Mabini Grinding Mill Corp. meanwhile, leases its grinding station in Mabini, Batangas to Holcim.

It was incorporated and registered with the Securities and Exchange Commission in 1999.

During last week’s meeting, Holcim’s board also approved the dissolution of Holcim’s retail arm HuBB Stores and Services Inc., Holcim’s Business Service Center and the company’s subsidiary WellBorne Group International.

These initiatives are part of Holcim’s streamlining efforts, the company said yesterday.

Holcim, one of the country’s biggest cement companies, has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental and Davao.

It also has aggregates and dry mix business and technical support facilities for building solutions.

Holcim Philippines posted a net income of P1 billion in the nine months to September, down from P1.8 billion a year ago or a decline of 44 percent.

In terms of net sales, Holcim recorded a 21 percent decline as of end-September to P18.8 billion. On the other hand, net sales reached P7.4 billion in the third quarter from P8.3 billion a year ago.

However, in the third quarter alone, net income grew by 34.2 percent to P613 million from P457 million a year ago, driven mainly by robust cost management and efficiency improvement initiatives across the business.