Cemex, S.A.B. de C.V. has announced that it will be participating in the proposed corporate restructuring of Grupo Cementos de Chihuahua, S.A.B. de C.V. that was announced by GCC and which has the purpose of simplifying GCC’s current shareholder structure. Cemex currently owns an indirect minority interest in GCC. In connection with the corporate restructuring, if approved by GCC’s shareholders as proposed, Cemex will directly own 23% of the outstanding share capital of GCC and, additionally, own a minority interest in CAMCEM, an entity which in turn will own a majority interest in GCC as a result of the proposed restructuring.
Cemex currently expects to hold its minority interest in CAMCEM resulting from the corporate restructuring as a long-term investment and therefore expects to remain an indirect minority shareholder of GCC. The 23% direct interest in GCC that Cemex will hold as a result of the proposed corporate restructuring is currently being considered as an option among other CEMEX assets available for divestment in the context of Cemex 's previously announced asset divestiture plans.
The proposed GCC corporate restructuring has been approved by the Federal Economic Competition Commission in Mexico (Comisión Federal de Competencia Económica), and still requires the approval by GCC’s shareholders to be completed.
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/the-americas/30082016/cemex-participates-gcc-corporate-restructuring-163/