AbaCore to build P1-billion cement plant and silo in joint venture with Honghui Pioneer S-Cement

The board has also agreed to AbaCore investing in Honghui Pioneer S-Cement, and buying shares worth up to 10% of its authorised capital stock. As well as this, the board has approved the sale of the company’s land in Mabini, Batangas, with a transaction value of P225 million, to Lifthigh Development Corp, a subsidiary of Honghui Pioneer S. Cement.

It has also been agreed that AbaCore’s subsidiary, Montemayor Aggregates & Mining Corp., has been granted authority to sell a 50 000-m³ property, with land priced at P5 000 per square metre to real estate developer, Carino Development and Management Corp.

“[The] transactions are geared towards the implementation of the board’s annual dividend policy of up to 10% for the benefit of all shareholders,” AbaCore said.

AbaCore is furthermore noted to be selling 30 117 m³ of land in Batangas to Subic-based Premiere-Slag International, Inc. for P225.88 million, and is subscribing to 10% of Premiere-Slag’s proposed authorised capital stock of P1.02 billion for P102 million, with aims of owning the cement manufacturer.

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