 Cemex Holdings Philippines, Inc. (CHP) signed a Share Purchase Agreement with Torino Re Ltd, an affiliate of Cemex, S.A.B. de C.V., for the sale of all of CHP’s shares in Falcon Re Ltd. Other than due to the consideration received, Falcon Re Ltd. will cease reinsuring third-party insurers of CHP before the end of the year. CHP will conduct a review of its current insurance coverages and make changes, if necessary.
The terms and conditions of the transaction: Number of shares to be acquired or disposed: 1,000 Percentage to the total outstanding shares of the company subject of the transaction: 100% Price per share: The total consideration is US$3,006,000 The above price is deemed “fair market value” based on a third-party valuation report which adopted the cost or asset approach. Torino Re Ltd is an affiliate of Cemex, S.A.B. de C.V. Falcon Re Ltd. is a wholly-owned foreign subsidiary of CHP established in Barbados which reinsures third-party insurers of CHP covering risks associated with property insurance coverage, with political violence and non-damage business interruption (NDBI) programs, professional liability program and cyber risks. Cemex Holdings Philippines is a leading vertically integrated heavy building materials company focused on four core businesses—Cement, Ready-Mix Concrete, Aggregates, and Urbanization Solutions.
0 Comments
Leave a Reply. |
PLACE YOUR ADS HERE Join and Subscribe to my Newsletter. It's FREE! ABOUT THE
BLOGGER 
Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. CONNECT
WITH ME Follow me on FACEBOOK x PLACE YOUR ADS HERE PLACE YOUR ADS HERE Categories
All
|
