CEMEX has announced that is has commenced its previously announced stock repurchase programme. The programme was approved at the company’s 2017 annual general ordinary shareholders’ meeting in April 2018. At the meeting, the repurchase of up to US$500 million of CEMEX’s shares was approved, until the meeting is held again in 2019.
On 27 November CEMEX repurchased 7 million CPOs at a weighted-average price of MXN9.4 per CPO. Including fees and value-added tax, the total amount of CPO repurchases was MXN65.9 million (approximately US$3.2 million). To execute these CPO purchases, CEMEX engaged Citibanamex Casa de Bolsa, S.A. de C.V., Casa de Bolsa, integrante del Grupo Financiero Citibanamex.
“We are pleased to initiate our share buyback programme, which is one of the capital allocation options we have to create value for our shareholders,” said Fernando A. González, CEO of CEMEX.
Read the article online at: https://www.worldcement.com/the-americas/29112018/cemex-commences-stock-repurchase-programme/