Ang-led cement firm builds P12.5B plant in Malabuyoc

Ramon Ang’s Eagle Cement Corporation (ECC) has broke ground its P12.5-billion integrated cement plant in Malabuyoc, Cebu.

In a disclosure to the Philippine Stock Exchange yesterday, the listed company said it has embarked on its plans to raise its production capacity to 9.1 million metric tons with the recent ground breaking of its fourth production line in Malabuyoc, Cebu.

The Cebu plant (Line 4) targets its completion date in 2020 and will include a 2 million metric ton integrated cement manufacturing plant, port facilities and cement terminals to serve the Visayas and Mindanao markets.

“This groundbreaking brings us a step further to achieving our long-term goals as a company, which is to strengthen the brand and increase market share. We hope to continue succeeding by increasing capacity to better serve our consumers nationwide,” President and Chief Executive Officer Paul Ang said in a statement.

Currently, the company has two lines producing about 5.1 million metric tons of cement per year serving the greater Luzon markets.

Eagle is also aiming to complete its third production line in Bulacan by 2018, which will raise capacity to 7.1 million metric tons per year.

This will expand the company’s coverage to more markets in Southern Luzon.

“We are expanding more to new markets such as Southern Luzon, Visayas and Mindanao. By next year, our Line 3 in Bulacan will be fully functional to serve those areas with the most efficient and energy saving manufacturing technology,” Ang said.

The company became publicly listed last May 29 under the ticker symbol “EAGLE” in a deal that was more than three times oversubscribed.

It raised some P8.63 billion for its maiden offering, a portion of which would be used to finance the construction of the Cebu cement plant. The firm sold 500 million common shares by way of primary offer with an overallotment option of up to 75 million secondary shares.

The planned plant in Cebu is its fourth production line, expected to be completed in 2020. Construction of a third plant in Bulacan will be completed in 2018.

Eagle shares were at P14.72 apiece in afternoon trading yesterday.