Cemex retains 9.5% of GCC

Cemex SAB de CV said that some of its underwriters did not exercise their over-allotment option to acquire shares in Mexico’s Grupo Cementos de Chihuahua SAB de CV. As a result, Cemex retains a direct stake of 9.47 per cent in GCC.

Originally, Cemex aimed at offloading 23 per cent of GCC but only managed to sell a stake of 15.6 per cent, equivalent to 51.75m shares at MXN95 (US$4.83)/share.

This shareholding also included a green shoe option and Mexico’s market leader was expected to be left with a 7.4 per cent direct stake in GCC. The Mexican giant will also continue to own a minority interest in Camcem, which holds a majority interest in GCC.