By JAMES A. LOYOLA
Cemex Holdings Philippines, Inc. (CHP) has successfully completed its ₱12.77 billion stock rights offering last January 24, 2020.
The firm offered of 8.29 million of its common shares at ₱1.54 per share to existing shareholders. The listing date for the Offer Shares is tentatively set on 4 March 2020.
Post-SRO and subject to the approval from the Securities and Exchange Commission of CHP’s application for increase of authorized capital stock, CHP would have a total of issued and outstanding 13.49 billion common shares.
The proceeds raised from the SRO would be used by CHP primarily to fund the expansion of its Solid Cement plant, including to pay outstanding amounts owed by Solid Cement Corporation to Cemex Asia B.V.
The facility agreement has been used to fund the expansion project, and for other general corporate purposes, including paying outstanding amounts owed by APO Cement Corporation to CABV.
The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch is acting as the Global Coordinator while BDO Capital & Investment Corporation serves as the Underwriter for the transaction.
Cemex Asian South East Corporation (CASE), CHP’s controlling shareholder, had expressed its full support for the stock rights offer.
It had 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.