18 Sep Phinma’s parent raises stake in holding firm
Philippine Investment Management (Phinma), Inc. has purchased more shares in its listed holding firm.
Phinma Corp. told the stock exchange on Friday that its parent raised its shareholdings in the company to 60.83% after acquiring 28.238 million of its shares, or about 10% of its total issued and outstanding shares, through a block sale.
The share purchase followed the completion of Phinma Corp.’s P400-million investment in its construction unit Philcement Corp. on Sept. 1.
Phinma is helping to expand its construction segment, which has a cement facility in Bataan that produces two million tons of cement annually.
In the first six months of the year, Philcement’s performance offset Phinma’s income decline, contributing P224.2 million. It posted record sale of 4.22 million bags of cement in June when construction activities resumed with the easing of quarantine policies. This lifted its revenue by 63% to P2.37 billion.
Phinma, which is also engaged in education, housing, hotels, and strategic consultancy, incurred a net loss of P38.28 million in the first half of 2020, largely attributed to the impact of the global coronavirus disease on its operations.
On Friday, shares in Phinma fell by 2.86% to close at P8.49 each. — Adam J. Ang