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Manila Bulletin devider Business devider Solid Cement to pursue $323-M expansion

Solid Cement to pursue $323-M expansion

Published Feb 12, 2022 01:19 am

Solid Cement Corporation, a subsidiary of Cemex Holding Philippines Inc. (CHP), is finally pushing through with its long delayed capacity expansion at higher cost of $323 million from the original $235 million in 2018.

In a disclosure to the Philippine Stock Exchange, CHP said Solid will be engaging Atlantic Gulf and Pacific Company of Manila, Inc. and Betonbau Phil., Inc. as the principal contractors to continue the project.

cemex-logo

In 2018, Solid had signed agreements with CBMI Construction Co., Ltd of China for the procurement, construction and installation of the new production facility.

The expansion plan involves the construction and installation of the 1.5 million metric tons per year new integrated cement production line at Solid’s cement plant located in Antipolo City, Rizal.

CHP currently estimates that the construction of the new line should be completed by March 2024 and the start of its operations could commence in April 2024.

The estimated total project cost is revised from $235 million to $323 million, while the estimated total interest capitalization for the project is adjusted to $33 million.

CHP expects that the additional investment requirements could be sourced from one or any combination of the following options: free cash flow, debt from any subsidiary of CEMEX, S.A.B. de C.V. (the ultimate parent company of CHP), or debt from one or more financial institutions.

In December 2021, Solid terminated the construction contract with the previous contractor which covers the construction and installation of the 1.5 million metric tons per year integrated cement production line.

“Termination was due to the delay in the implementation of construction and installation works,” CHP said.

The new integrated cement production line will represent a 26 percent increase in CHP’s cement capacity in the Philippines.

Related Tags

Cemex Holdings Philippines Inc. Solid Cement Corporation
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