Cemex is considering a major share issue of up to 6bn shares to raise funds to pay off debt and reduce its presently high gearing, according to a company statement on 28 January. The company would issue the equivalent of up to 200m American depository shares, each comprised of 10 Cemex CPOs, of which each is comprised of 3 ordinary shares. Cemex shares closed down 8.8 per cent at US$9.47 in New York following the announcement. The potentially large increase in shares, which will be formally decided at a general meeting on 24th February, would dilute the stock’s value and has led to speculation that Cemex is not just raising funds to service its debt, but also to run its business.
In Great Britain, Cemex UK Operations has reported that the usage of alternative fuels in the two integrated British cement works was increased from 45% in 2009 to 52% in 2010. South Ferriby used 67% alternative fuels and the larger Rugby works 49%.