CEMEX approved to launch tender offer for purchase of remaining shares of Costa Rica's Cementos del Pacifico
August 19, 1999
CEMEX, S.A. de C.V. (CMXBY:OTC) announced today that it has received authorization from the Superintendencia General de Valores (SUGEVAL), the Costa Rican stock market authority, to begin a public offering to acquire the remaining outstanding ordinary shares of Cementos del Pacifico, S.A.
In the coming days, CEMEX expects to announce a public offering to purchase up to 1,685,000 ordinary shares, which represent 84.25% of the total ordinary shares in circulation and the remaining amount not currently held by CEMEX.
The terms of the offering would include a purchase price of $13,100 Colons per share (US$45.3 per share at today´s exchange rate), and is subject to a minimum tender of 35.25% of the total ordinary shares in circulation. The period of the offering will be fifteen working days starting from the public offering announcement.
CEMEX paid approximately US$8.0 million for its initial 15.75% stake in Cementos del Pacifico.
The Cementos del Pacifico plant is located approximately 180 km northwest of San Jose, with additional grinding facilities located in San Jose. The plant has one dry process line with an installed cement capacity of 850,000 tons per year.
Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 60 million metric tons of production capacity. Through operating subsidiaries positioned in three different continents, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. In addition, the company is the world´s leading producer of white cement and the world´s largest trader of cement and clinker.