Cemex’s Solid Plant in Antipolo City
Cement-maker Cemex Holdings Philippines Inc. has priced its stock rights offering at P1.54 per share, allowing the company to raise P12.77 billion in fresh capital for its expansion program.
Existing shareholders are entitled to subscribe to 1.5963 rights share for every one common share held as of record date Jan. 14, 2020.
About 8.29 billion common shares will be offered from Jan. 20 to 24 this year, Cemex disclosed to the Philippine Stock Exchange (PSE) on Monday.
Cemex, which is part of Mexican multinational cement group Cemex S.A.B. de C.V., will be the first company to tap the local stock market this new year.
Proceeds from the offering will fund the expansion of Cemex’ Solid Cement plant, pay outstanding amounts owed by Solid Cement Corp.and other general corporate purposes.