(Reuters) - Philippine conglomerate DMCI Holdings and its units will acquire cement maker Cemex Holdings Philippines for $305.6 million, the companies said on Thursday.

DMCI said it will acquire all of Cemex Asia B.V.'s shares in Cemex Asian South East Corp, which owns 89.86% of Cemex Philippines.

"Cement manufacturing will be a good, strategic addition to our business portfolio," DMCI Chairman Isidro Consunji said in a statement.

Cemex Asia expects to finalise the divestment before end-2024.

(Reporting by Roshan Thomas in Bengaluru and Neil Jerome Morales in Manila; Editing by Varun H K)