CEMEX's shares are traded on the Mexican stock exchange in the form of Ordinary Participation Certificates, or CPOs, and on the New York Stock Exchange in the form of American Depositary Shares, or ADSs. The depositary bank for CEMEX's ADS program is Citibank, N.A. 

What is a CPO?

Our capital stock consists of series A shares and series B shares. Each of our “Certificado de Participación Ordinario” (CPO) represents two series A shares and one series B share. A CEMEX CPO is an equity security that trades on the Mexican Stock Exchange.

What is an ADS?

American Depositary Shares (ADSs) are a means for non-U.S.-based corporations to list their ordinary equity on an American stock exchange. Denominated in US dollars, they confer full rights of ownership to the corporation’s underlying shares, which are held on deposit by a custodian bank in the company’s home country or territory.

What is the ratio of CEMEX’s ADSs to CPOs?

One CEMEX ADS represents ten CEMEX CPOs.

Do all shareholders have the same same voting rights?

Under the terms of the CPO trust agreement, non-Mexican holders of CPOs and ADSs have no voting rights with respect to the A shares underlying those CPOs and ADSs. All ADSs are deemed to be held by non-Mexican nationals. At every shareholders' meeting, the A shares held in the CPO trust are voted in accordance with the vote cast by holders of the majority of A shares held by Mexican nationals and B shares voted at that meeting of shareholders.