The offerings comprise a public offering to investors in Mexico and a concurrent private placement to eligible investors outside of Mexico. The companies expected the offerings to close “on or about 15 February 2017”, Cemex said in a press release.
If all share are sold, Cemex will have reduced its 23% direct ownership in GCC by 15.6%. This will leave the company with a 7.4% direct stake in GCC, as well as a minority interest in CAMCEM, the entity that owns a majority interest in GCC.
The sales forms part of Cemex’s asset divestiture plants and is anticipated to raise about US$240 million before discounts, commissions and expenses.
