Holcim partners with South Korea’s Sungshin to supply infra projects
LOCAL cement manufacturer Holcim Philippines, Inc. has partnered with South Korean cement and concrete producer Sungshin Cement Co. Ltd. to supply the country’s infrastructure projects.
In a statement on Tuesday, Holcim Philippines said that it had signed a memorandum of understanding with Sungshin on March 28 to work together on Philippine infrastructure projects in which the latter is bidding to participate as a concrete supplier.
“Holcim Philippines will serve as the priority supplier of cement and aggregates for Sungshin’s ready-mix concrete batching plants,” the local cement producer said.
The Holcim-Sungshin agreement came after the Philippines and South Korea forged an agreement in December last year that allows Manila to access up to $3 billion worth of official development assistance loans from Seoul for infrastructure and green projects.
In 2021, South Korea was the sixth-largest provider of official development aid to the Philippines. Some of the infrastructure projects that were funded by South Korea are the Jalaur River Multipurpose Dam in Iloilo, the expansion of the Cebu International Port, and the Panguil Bay Bridge connecting Misamis Occidental and Lanao del Norte.
“This strategic partnership is aligned with our goal to increase our participation in important infrastructure projects that advance the country’s development,” Holcim Philippines Senior Vice-President and Head of Infrastructure and Industrial Sales Ram Maganti said.
“With our combined expertise in innovative and sustainable building materials, we are confident in helping clients build lasting structures that uplift lives in the Philippines,” he added.
Sungshin has businesses in cement, ready-mixed concrete, construction materials, transportation, trading, and distribution in South Korea. Aside from the Philippines, it also has a presence in Vietnam, China, Singapore, Bangladesh, and Saudi Arabia.
Holcim Philippines, a member of the Holcim Group, has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental, and Davao City. The company is also engaged in aggregates and dry mix business, as well as technical support facilities for building solutions.
On Tuesday, Holcim shares at the local bourse rose two centavos or 0.52% to end at P3.89 apiece. — Revin Mikhael D. Ochave
