Cemex shareholders approve capital increase

An Extraordinary General Meeting of Cemex shareholders has approved plans for a massive capital increase sometime within the next two years.

The meeting approved issuing up to 4.8 billion new shares in the company, worth about MXP 27 billion (US$ 2 billion) at current market prices. This will be carried out either by a public offer or through the sale of convertible bonds.

The company said it would raise the new capital, "when market conditions are appropriate and thus strengthen Cemex's balance sheet."