Bilyonaryo - Business

Bahala kayo! Loss-making Cemex neutral on P2.1 billion tender offer to shareholders

February 18, 2023

Bilyonaryo.com

Cemex Holdings Philippines (CHP) board remains impartial on its plans to purchase up to 12 percent of the public-owned shares of the loss-making cement company.

The board, in a disclosure, stated that it “expresses no opinion and is neutral towards the tender offer.”

According to CHP, shareholders’ decision to avail of the tender offer is a personal investment choice based on their individual circumstances.

CHP’s majority owner, Cemex Asian South East Corp. (CASEC), has proposed to buy up to 1.614 billion shares at P1.30 per share, a significant drop of 88 percent from its initial public offering (IPO) price six and a half years ago.

The purchase will increase CASEC’s holdings in CHP to 89.9 percent, enabling the company to remain listed on the Philippine Stock Exchange with a minimum 10 percent public float.

Despite its loss of P1 billion, which its president and CEO Luis Franco attributed to a weak market and “unprecedented cost increases due to economic and political uncertainty,”

Franco expects things to get worse as “market conditions and cost inflation will remain challenging through the first half of the year.”

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