Cemex receives payment for Venezuela assets

Cemex receives payment for Venezuela assets
Published: 14 December 2011

Cemex announced that it has received payment of US$600m from the Government of the of Venezuela and its public entity Corporacion Socialista del Cemento,. as compensation for the nationalization of Cemex Venezuela.

In addition, US$154m of accounts payable by Cemex subsidiaries to Cemex Venezuela have been cancelled.

Compensation was paid US$240m in cash and in various negotiable securities issued by Petroleos de Venezuela, SA that during their full term pay an aggregate total of US$360m.