CEMEX Commences Stock Repurchase Program
November 28 2018 - 5:13PM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE:CX) announced today that
it has commenced its previously announced stock repurchase program
(the “Program”), which was approved at its 2017 annual general
ordinary shareholders’ meeting (the “Meeting”) held on April 5,
2018. The Meeting approved the repurchase of up to U.S.$500 million
(or its equivalent in Mexican pesos) of CEMEX’s shares (or
securities representing such shares) until CEMEX’s general ordinary
shareholders’ meeting to be held in 2019.
Fernando A. González, Chief Executive Officer of CEMEX, said:
“We are pleased to initiate our share buyback program, which is one
of the capital allocation options we have to create value for our
shareholders.”
On November 27, 2018, CEMEX repurchased 7,000,000 CEMEX CPOs, at
a weighted-average price of MXN9.400 per CPO. The total amount of
these CPO repurchases, including fees and value-added tax, was
MXN65.9 million (approximately U.S.$3.2 million). CEMEX engaged
Citibanamex Casa de Bolsa, S.A. de C.V., Casa de Bolsa, integrante
del Grupo Financiero Citibanamex to execute these CPO
repurchases.
As required under the laws of Mexico, any future repurchases of
CEMEX CPOs by CEMEX under the Program will be announced no later
than the end of the business day following the date on which such
repurchases are made. CEMEX expects to execute a portion of the
approved size of the program.
CEMEX is a global building materials company that provides
high-quality products and reliable services to customers and
communities in more than 50 countries. CEMEX has a rich history of
improving the well-being of those it serves through innovative
building solutions, efficiency advancements, and efforts to promote
a sustainable future. For more information, please visit:
www.cemex.com.
This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties
and assumptions. Such forward-looking statements include, without
limitation, statements as to the amount, timing, manner, benefits
and effects of the Program described above. Many factors could
cause the actual results, performance or achievements of CEMEX to
be materially different from those expressed or implied in this
release, including, among others, changes in general economic,
political, governmental and business conditions globally and in the
countries in which CEMEX does business, changes in interest rates,
changes in inflation rates, changes in exchange rates, the level of
construction generally, changes in cement demand and prices,
changes in raw material and energy prices, changes in business
strategy and various other factors. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described herein. CEMEX assumes no obligation to update
or correct the information contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20181128005827/en/
Media Relations:Jorge Perez+52(81)
8888-4334mr@cemex.com
Investor Relations:Eduardo Rendon+52(81)
8888-4256ir@cemex.com
Analyst Relations:Lucy Rodriguez+1(212)
317-6007ir@cemex.com
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