Phinma cement unit obtains P875-million loan

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PHINMA CORP. on Monday said its cement trading unit obtained a P875-million loan from Security Bank.

In a disclosure, the listed company said PhilCement Corp. signed the five-year fixed-term loan agreement with Security Bank on June 1.

“The loan will be used for the construction of the Cement Terminal that will be located in Mariveles, Bataan,” Phinma said.

PhilCement, which is involved in the distribution of cement products, was incorporated with the Securities and Exchange Commission in September 2017. Phinma subscribed to 85.7% controlling stake in PhilCement.

Phinma reported its consolidated net income surged 37% to P66.4 million for the first quarter of 2018, driven by a 35% year-on-year increase in revenues to P2.1 billion.

Aside from PhilCement, Phinma’s subsidiaries include Union Galvasteel Corp., Phinma Education Holdings, Inc., Career Academy Asia Corp., Integrative Competitive Intelligence Asia, Inc., and Asia Plaza, Inc.