Wazzup Pilipinas!On 17 June 2016, the Philippines
Securities and Exchange Commission (“SEC”) issued the pre-effective approval for the proposed
Initial Public Offering (“IPO”) of CEMEX Holdings Philippines, Inc. (“CHP”). CHP is offering up to 2,032,980,830 common shares with a par value of Php1.00 per share with a stabilization option of up to 304,947,124 common shares (collectively, the “Offer Shares”) representing up to 45% of CHP’s capital stock. Also on 17 June 2016, the Philippine Stock Exchange (“PSE”) approved CHP’s initial listing application for the listing of its shares on the PSE as announced in the PSE’s website on June 20, 2016. The PSE’s approval is subject to CHP’s compliance with all post-approval requirements of the PSE.
Proceeds from the IPO would be used by CHP to pay debt owed to a subsidiary of CHP’s ultimate parent company and/or to pay any debt used to refinance the debt owed to the subsidiary of CHP’s ultimate parent company, which may include debt owed to BDO Unibank, Inc. and/or CHP’s principal shareholder. Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch and J.P. Morgan Securities PLC serve as the Joint Global Coordinators and Joint Bookrunners and BDO Capital & Investment Corporation serves as the Domestic Lead Underwriter for the transaction.
CHP is one of the leading cement producers in the Philippines, based on installed annual capacity. CHP produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network. Moreover, CHP’s cement manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as "APO," "Island," and "Rizal," each of which has a multi-decade history in the country.