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Friday, June 24, 2016

Cemex Holdings Philippines, Inc. Obtains SEC Pre-Effective Approval for Its IPO


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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.

CHP is indirectly owned by CEMEX, S.A.B. de C.V., one of the largest cement companies in the world based on annual installed cement production capacity. The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange and the New York Stock Exchange.

CHP’s Chairman and President, Mr. Pedro Jose Palomino, said “This is a milestone transaction and we are very appreciative of the professionalism and timely approval we received from the SEC and PSE.”

The President of BDO Capital & Investment Corporation, Mr. Eduardo V. Francisco, highlighted and said, “We are very excited for this IPO, which is poised to be one of the largest IPOs and the first under the new administration. The success of the Company’s well-regarded brands combined with its highly efficient operations and proven financial track record will continue to advance CHP in the coming years.”

A REGISTRATION STATEMENT RELATING TO CHP’S COMMON SHARES HAS BEEN FILED WITH THE SEC, BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR OFFERS TO BUY THEM BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT IS RENDERED EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION TO BUY.

These materials are not an offer of securities for sale in the United States, that securities may not be offered or sold in the United States absent registration or an exemption from registration, that any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements.

More information on CHP and the IPO is available from the Preliminary Prospectus which can be downloaded at the CHP website: www.cemexholdingsphilippines.com.

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