Mexican building materials company Cemex has agreed to divest its operations in Bangladesh and Thailand, selling to Siam City Cement Public Company for a fee of around US$ 53 million.
Cemex will use the proceeds from the divestment to reduce its debt and for general corporate purposes.
The agreement is subject to the satisfaction of standard conditions. Cemex expects to finalise the divestment during the second quarter of 2016.
Meanwhile, Cemex’s subsidiary, Cemex Holdings Philippines (CHP), has offered to sell its shares via the Securities and Exchange Commission of the Philippines (Philippine SEC).
Subject to the approval from the Philippine SEC and the Philippine Stock Exchange (PSE) for the listing of CHP’s shares, CHP will offer a minority interest in CHP’s capital stock.
The proposal is part of Cemex’s asset divestment plan.