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Cemex and GCC price share offerings

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World Cement,

Cemex and Grupo Cementos de Chihuahua (GCC) have announced the pricing of the secondary offerings of 51.75 million GCC shares currently owned by Cemex. The shares have been prices at MXN95 per share, including the 6.75 million shares available to the underwriters of the offerings.

The offerings comprise a public offering to investors in Mexico and a concurrent private placement to eligible investors outside of Mexico. The companies expected the offerings to close “on or about 15 February 2017”, Cemex said in a press release.

If all share are sold, Cemex will have reduced its 23% direct ownership in GCC by 15.6%. This will leave the company with a 7.4% direct stake in GCC, as well as a minority interest in CAMCEM, the entity that owns a majority interest in GCC.

The sales forms part of Cemex’s asset divestiture plants and is anticipated to raise about US$240 million before discounts, commissions and expenses.

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