Skadden is advising Cemex Asia B.V. (Cemex) on its sale of its operations and assets in the Philippines, including Cemex Holdings Philippines, Inc. (Cemex Philippines), to Dacon Corporation, DMCI Holdings, Inc., and Seminara Mining and Power Corporation (Buyers). Cemex Philippines, which is listed on the Philippine Stock Exchange, Inc., is one of the leading cement producers in the Philippines, based on annual installed capacity.
Cemex has signed an agreement to sell 100% of Cemex Asian South East Corporation, which owns approximately 89% of Cemex Philippines, based on an enterprise value for Cemex Philippines of approximately US$660 million, along with Cemex’s related 40% indirect equity interest in each of APO Land & Quarry Corporation (APO) and Island Quarry and Aggregates Corporation (Island) based on an aggregate enterprise value for APO and Island of approximately US$140 million. Cemex currently expects to close the sale before year end 2024, subject to the satisfaction of closing conditions, including approval by the Philippine Competition Commission and the Buyers’ fulfillment of any mandatory tender offer requirements to the shareholders of Cemex Philippines.
The Skadden team is led in Asia by partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore) with counsel Andrew Cohn (Singapore), Asia Pacific counsel Zachary Levine (Singapore) and associates In Ho Kim (Singapore) and Raashi Mukherji (Singapore), corporate; partner Andrew Foster (Hong Kong) and Asia Pacific counsel Jacqueline Arena (Hong Kong), antitrust/competition; associate Nigel Pang, international litigation and arbitration (Hong Kong); and in the US by partner Gregory Fernicola (New York) with partners Nazmiye Gökçebay (New York) and Alec Jarvis (New York), and associate Daniel J. Bleiberg (New York), tax.
