Cemex is to sell its shareholding in Grupo Cementos de Chihuahua.
Cemex has 23% of the outstanding share capital of Grupo Cementos and, additionally, a minority interest in Camcem which owns a majority interest in Grupo Cementos.
Cemex intends to sell shares, with an estimated value of $410 million, in the context of its previously announced asset divestiture plan.
Cemex said it valued its Cementos de Chihuahua shares at up to 115 pesos ($5.37) each. The company said it could offer as many 76.5 million shares in the offering, potentially bringing in as much as $410 million.
Cementos de Chihuahua shares rose more than 23 percent to 85 pesos per share, while Cemex shares drifted into negative territory after having initially risen on the news.
Cemex said in a statement that the eventual size and timing of the sale, which will take place locally and also be open privately to foreign investors, depended on market conditions.
In recent years, Cemex has been looking to sell billions of dollars worth of assets as it looks to improve its creditworthiness.
