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Gold/Mining/Energy : Fenway Resources Ltd. (FWY@V)

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To: Crusader who wrote (101)	7/1/1997 6:47:00 PM
From: Redempto D. Anda	of 135

To all, From BusinessWorld, a business daily published in Manila (issue of July 2, 1997) $300-M cement plant to be built via joint venture Publicly-listed holding firm APC Group, Inc. has signed a joint venture agreement with Halla Cement Manufacturing Corp. of Korea to build a $300-million (PhP7.8 billion) cement plant. In a disclosure to the Securities and Exchange Commission, APC said the 1.5-million metric ton cement plant will be put up in Ginatilan, Cebu. The plant is expected to be operational by late 1999. APC said a new firm to be called APC-Halla Cement Corp. will be formed by the joint venture partners. APC will control the new firm with a 60% stake while Halla Cement will own 40%. APC's wholly-owned subsidiary, APC Cement Corp., is already starting the development of the cement plant in Cebu. Analysts, however, are divided on their views about APC's move to enter the cement industry. An analyst from ING Baring Securities (Phils.), Inc. said APC's move is "irrational," saying there is already an oversupply of cement in the market.

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