Mexican building materials group, Cemex, has sold its remaining shares in Grupo Cementos de Chihuahua (GCC) for around US$168 million. The sale represents about 9.47% of the equity capital of GCC.
The proceeds from the sale will be used mainly for debt reduction and for general corporate purposes, Cemex said in a press release. The sale was made within the context of the company’s global asset divestiture plans.
Cemex will retain a 20% indirect interest in GCC through its minority stake in CAMCEM, which owns a majority interest in GCC.
Founded in 1941, GCC operates three cement plants and two distribution centres in Mexico, as well as four cement plants and 22 distribution cement centres in the US.