Cemex Holdings Philippines receives approval for rights issue

Cemex Holdings Philippines has received board approval for a share sale to existing investors, with a final issue size up to the value of US$250m.

The increase in authorised capital stock, followed by an equity deal, is reportedly the best option to improve its capital structure, provide balance sheet flexibility and fund the ongoing expansion of its Solid Cement plant in Antipolo, Rizal, according to the Philippine Inquirer.