Cemex increases stake in CLH to 92.6%

Cemex España, an indirect subsidiary of Cemex, reported this Wednesday that it will increase its shareholding in Cemex Latam Holdings (CLH), which is listed on the Colombian Stock Exchange, from 73.16 to 92.60% of the fully paid and outstanding shares of CLH (excluding shares owned by CLH).

This increase is the result of the completion of a public offering (the “Offer”) made by Cemex Spain for each and every one of the outstanding ordinary shares of CLH (except for the shares owned by Cemex Spain or CLH), aimed at all CLH shareholders at a purchase price of 3,250 Colombian pesos per common share.

As of December 31, 2019, the parent company had 15 fully owned cement plants (of which two were temporarily inactive) with an installed cement capacity of 26.4 million tons per year and proportional stakes through associates in other three cement plants located throughout Mexico.


Specifically, 108 million 337,613 ordinary shares of CLH were validly presented in the Offer, representing 72.41% of the outstanding ordinary shares of CLH (excluding shares owned by CLH) for which the Offer was made.

In accordance with Colombian regulations on the securities market, the Offer was awarded on December 15, 2020 and is expected to be fully settled on December 18, 2020 for an accumulated amount of approximately 352,097 million 242,250 Colombian pesos.

Through the Offer, the Mexican parent company is simplifying and strengthening its overall capital structure by further consolidating its indirect stake in CLH.

Citigroup Global Markets Inc. acted as sole advisor and Corredores Davivienda S.A. acted as intermediary broker for the Offer.

The parent company has exclusive access to the limestone quarries and clay reserves located near each of its plants in Mexico.

The company estimates that, as of December 31, 2019, the permitted proven and probable reserves of limestone and clay from its operations in Mexico had an average remaining useful life of 141 and 92 years, respectively, considering the average annual production levels of cement from 2015-2019.

As of December 31, 2019, all its production plants in Mexico used the dry process.


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