Cemex plans $250-M rights offer
MANILA, Philippines — Cemex Holdings Philippines Inc. (CHP) plans to raise as much $250 million from a stock rights offering.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, CHP said its board of directors approved a stock rights issue offering in its meeting Tuesday.
CHP said eligible stockholders would have the opportunity to participate and subscribe to the common shares which would be issued in connection with the proposed increase in the company’s authorized capital stock.
The expansion of the company’s Solid Cement plant is expected to come online by the fourth quarter of 2020.
CHP’s management continues to believe that a capital increase is currently the best option for CHP to improve its capital structure, fully fund the ongoing Solid Cement plant expansion and provide balance sheet flexibility.
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