Cemex says it has no equity stake in ALQC

ABS-CBN News

Posted at Sep 21 2018 11:43 AM

Rescuers search for survivors at the landslide site in Naga City, on the popular tourist island of Cebu on September 20, 2018. 

MANILA – Cemex Holdings Philippines on Friday said it does not own any equity stake in APO Land & Quarry Corp (ALQC) after a Sept. 20 landslide inside the area covered by mining rights of the firm left at least 22 dead and many others missing. 

Heavy downpour on Thursday triggered a landslide in Sitio Sindulan, Barangay Tina-an, Naga City, Cebu. 

“CHP (Cemex Holdings Philippines) does not own any equity stake (directly or indirectly) in ALQC or its parent company, Impact Assets Corporation,” Cemex told the stock exchange.

ALQC is a principal raw material supplier of APO Cement Corp, a wholly-owned subsidiary of Cemex Holdings Philippines, it said.

Cemex Asian South East Corp, a majority stakeholder of CHP, owns a minority 40 percent stake in Impact Assets Corp, it said. 

The company said it is coordinating with ALQC and the government on rescue and relief efforts.

Meanwhile, ALQC representative Chito Maniago earlier said while the firm held the mining rights to the area, it had no quarry operations there.