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Cemex to sell stake in GCC

Published by , Assistant Editor
World Cement,

Cemex and Grupo Cemento de Chihuahua have announced that they will commence offerings that are expected in include an aggregate of up to 76 483 332 shares of common stock of Grupo Cementos de Chihuahua, currently owned by Cemex, at a price range of between Mexican pesos 95.00 – 115.00 per share. These will include 9 976 087 shares available to the underwriters of the offerings, pursuant to a 30-day option to purchase shares expected to be granted to them by Cemex. The size and timing of the offerings will depend on market conditions.

Cemex currently owns 23% of the outstanding share capital of GCC, along with a minority interest in CAMCEM, an entity which owns the majority interest in GCC as a result of GCC’s previously announced restructuring. Cemex intends to sell the Shares in the context of Cemex’s previously announced asset divestiture plans.

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