Cemex Holdings Philippines plans new share sale

Cemex Holdings Philippines plans new share sale
16 December 2019

The Philippine Stock Exchange has approved Cemex Holdings Philippines’ plan to raise as much as PHP12.6bn (US$250m) from the sale of new shares to existing investors.

The company is expected to price its rights offering on 6 January 2020 and launch the offer from 20-24 January next year. Listing of the new shares is tentatively set for 4 March 2020.

The new shares will come from an increase in Cemex Philippines’ authorised capital stock from PHP5.195bn to PHP18.31bn, consisting of 18.31bn common shares with a par value of PHP1 per share.

The proceeds from the offering are expected to fund the expansion of its Solid Cement plant, pay debt and cover other general corporate purposes.

Published under Cement News