Cemex divests investment in Cementos Bio Bio, Chile

Cemex announced that it has divested its 11.92 per cent interest in Cementos Bio Bio, S.A. for approximately US$6 m or an implied enterprise value to EBITDA of nine times.

The proceeds from the sale will be applied towards debt reduction and the extraordinary gains from this transaction will be reflected in net income.

Cemex acquired this holding for US$34m in June 1999.