Cemex’s Solid Plant in Antipolo City
Cement-maker Cemex Holdings Philippines Inc. has generated P12.77 billion in fresh capital from the sale of new shares to existing stockholders.
Based on disclosure to the Philippine Stock Exchange on Wednesday, Cemex sold about 8.29 billion new shares at P1.54 per share.
The stock rights offering was concluded on Jan. 24. The listing date for the offer shares on the Philippine Stock Exchange is tentatively set on March 4.
The additional capital will primarily be used by Cemex to fund the expansion of its Solid Cement plant. Some of the proceeds will also be used to pay the outstanding amounts owed by subsidiaries Solid Cement Corp. and Apo Cement Corp., as well as cover other general corporate purposes.
HSBC Singapore Branch acts as the global coordinator while BDO Capital & Investment Corp. serves as the underwriter for the transaction.