BDO signs $280M loan with Cemex

BDO Unibank, the country’s biggest lender, has signed a US$280 Million Peso equivalent term loan agreement with Cemex Holdings Philippines Inc. (CHP), an indication of the Bank’s firm support for the business prospects and positive long-term outlook of CHP.

“We’ve been together from the boom of the cement industry, to the bust and then to the boom again. We are happy that Cemex has once again chosen BDO to be its partner,” said Walter Wassmer, senior executive vice president of BDO.

For his part, CHP President Pedro Jose Palomino said they appreciate the support BDO has extended to the cement firm. “We are pleased with the help and relationship,” he said.

The continued growth of CHP’s subsidiaries, Apo Cement and Solid Cement, has made its Philippine operations as the most profitable in the Asian region. CHP launched a very successful initial public offering (IPO) last year where a total of 2,337,927,954 shares were subscribed at P10.75 per share, giving the company roughly P25 billion in IPO proceeds.