By James A. Loyola CEMEX Holdings Philippines, Inc. has received the green light from the Philippine Stock Exchange, Inc. (PSE) to raise up to US$250 million through a stock rights offer (SRO) to existing shareholders. The Securities and Exchange Commission’s confirmation of exempt transaction covering the Offer was also obtained last December 11, 2019. The Offer is open to existing common shareholders who are holders located inside the Philippines or holders located in jurisdictions outside the Philippines and outside the United States where it is legal to participate in the Offer under the laws of the applicable jurisdiction, in each case as of the Record Date. All Eligible Shareholders as of the Record Date will be notified of the Offer and their respective rights entitlements. CHP has appointed The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as the Global Coordinator and BDO Capital & Investment Corporation to be the Domestic Underwriter. The Offer is expected to be made to all Eligible Shareholders of the Company as of January 14, 2020, at a discount to the volume-weighted average price of CHP common shares listed on the PSE for a period to be determined prior to January 6, 2020. The final terms of the Offer, including pricing and entitlement ratio, will be determined by CHP in consultation with the Domestic Underwriter and the Global Coordinator and will be announced later. The expected offer period will be from January 20, 2020 to January 24, 2020. The net proceeds from the Offer will be used primarily to fund the expansion of CHP’s Solid Cement plant, including to pay outstanding amounts owed under a revolving credit facility agreement between Solid Cement, as borrower, and CEMEX Asia B.V., as lender. Proceeds will also be used for other general corporate purposes, including paying a loan agreement between APO Cement, as borrower, and CEMEX Asia B.V., as lender. Cemex Asian South East Corporation (CASE), CHP’s controlling shareholder, has expressed its full support for the Company’s proposed Offer. CASE has agreed to subscribe not just its entitlement of the rights shares in the initial round of the Offer, but also to subscribe any unsubscribed rights shares under the same terms and conditions as any other Eligible Shareholder.