Cemex Holdings Philippines raises PHP12.7bn from SRO

Cemex Holdings Philippines completed a stock rights offering last week, raising PHP12.77bn (US$250.6m) from selling 8.29bn common shares.

The proceeds are expected to be used to fund Solid Cement’s Antipolo expansion project and pay outstanding debt.

"Post-SRO and subject to the approval from the Securities and Exchange Commission (SEC) of Cemex’s application for increase of authorised capital stock, Cemex would have a total of issued and outstanding 13,489,226,623 common shares," said the company.