Cemex to launch $250M rights offer

Cement maker Cemex Holdings Philippines has approved the sale of as much as $250 million worth of new shares to existing stockholders.

The shares to be issued will come from an increase in the firm’s authorized capital.

Cemex said the rights offer would allow stockholders to participate and subscribe to its fund-raising program.

The company is currently building a $235-milllon production line at its Solid cement plant in Antipolo, Rizal.

Upon completion, the new production line is expected to raise Solid Cement’s total capacity from 1.9 million metric tons to 3.4 MT per year.

Its new features include the use of less energy as it is designed to reuse waste hot gases from drying raw materials.

A high efficiency bag filter technology will be also utilized to significantly improve dust emission control far below the actual regulation.

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