Cemex, S.A.B. de C.V. announced that it will sell up to 76.4 million shares of common stock in Grupo Cementos de Chihuahua, S.A.B. de C.V. (GCC) at a price range between 95 pesos ($4.45) and 115 pesos per share. The sale is part of the company’s asset-divestment plan, which it has been using to lower debt.
The offering includes nearly 10 million shares available to underwriters, and will be carried out on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.) and via a private placement outside of Mexico. The size and timing of the offerings will depend on market and other conditions, Cemex noted.
Cemex currently directly owns 23 percent of the outstanding share capital of GCC, and also owns a minority interest in Camcem, a controlling company with a majority stake in GCC that resulted from GCC’s corporate restructuring last year.