Cemex Holdings Philippines Inc. said it raised a total of P12.77 billion from its recently concluded stock rights offering.
A total of 8.29 billion shares were made available to existing Cemex shareholders at a price of P1.54 per share, to be listed with the Philippine Stock Exchange by March 4, 2020.
Cemex said the proceeds of the sale will be used to fund the expansion of its unit Solid Cement Corp.’s plant, as well as pay the credit facility tapped in November 2018 from Cemex Asia B.V. (CABV) to finance Solid Cement’s expansion project.
The proceeds will also be used to pay the debt of unit APO Cement Corp. with CABV tapped in October 2014.
BDO Capital and Investment Corp. served as underwriter while The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch served as global coordinator.
