The sale of participation certificates, which has just been priced, is set to raise some UIS$1549m (€1057m).
The sale of participation certificates, rather than a traditional issue of equity will leave voting control firmly in the hands of the present shareholders. The amount of fresh risk-bearing capital amount raised is almost exactly half of the €2,115m that HeidelbergCement is raising in new equity, even though Cemex is somewhat more highly geared than HeidelbergCement.
The Cemex issue is also smaller than the rights issues of Holcim (€1340m) and Lafarge (€1500.3m) earlier this year. A quarter of the participation certificates are to be sold in Mexico and the rest elsewhere in the world, likely to be largely in the United States, where the group is one of the two largest cement producers.