for 6 months now, employees of the philippine pacific cement (pacemco) has not been paid their salaries since the plant stopped operation last april. pacemco management kept on assuring the workers that their wages will be paid in due time. it is banking on the expected sale of the company to san miguel corporation (smc) which until now has not made a decision. it is said that smc will decide on november 6. in the meantime, smcs operation officer, ramon ang, is said to be interested to buy la farges cement in the philippines. heres that news item. Ang eyes Lafarges cement assets ABS-CBNnews Posted at 11/03/2014 6:05 PM | Updated as of 11/03/2014 6:05 PM MANILA, Philippines - Businessman Ramon S. Ang says he is seriously looking at the local cement assets that Lafarge Republic is planning to sell. We are looking at it. We are seriously looking at it. It will be a big transaction if ever, Ang said on Monday. However, he did not say whether the investment would be made in his personal capacity or by San Miguel Corp., where he is president and COO. Lafarge Republic is planning to sell its cement assets in the country, as part of the impending merger of parent Lafarge with Holcim. The cement company had earlier said it may sell some of its assets such as Lafarge Iligan, Lafarge Mindanao and Lafarge Republic Aggregates and Star Terminal at the Harbour Centre, Manila, to Holcim Philippines. However, Holcim said it will still conduct a study on the assets before making any acquisition. San Miguel has already entered into the cement business after it acquired 35 percent of Northern Cement Corp last year. The company is owned by San Miguel chairman and CEO Eduardo Danding Cojuangco Jr. Also last year, San Miguel said it will spend around $750 million for the construction of three cement plants. pacemco is the sole cement manufacturer in caraga region. it is filipino-owned. when the local electric company cut off its connection last april because of non-payment of electric bill amounting to 20 million php, the cement company altogether ceased operation. the electricity consumers however in the province welcomed the availability of the 4 megawatt that pacemco used to consume thereby assuring the consumers of continuous electricity service. previous to that , they were suffering from daily 7 hours of service interruption.
Posted on: Tue, 04 Nov 2014 01:04:57 +0000
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