If the performance of the Central and South American unit of Mexican cement giant Cemex is anything to go by, the biggest cement maker in the Americas should be looking at a bright earnings release on Thursday.
Cemex floated part of its Central and South American operations last year into Cemex Latam Holdings (CLH) which reported an 18 per cent rise in consolidated net sales, to $474m, in the third quarter, and EBITDA up 24 per cent to $168m. Read more
The new kid on the cement block, Cemex Latam Holdings, made its quarterly earnings debut to warm applause.
The South and Central American offshoot of Mexico’s Cemex that was floated late last year on the Bogotá exchange reported sales in last year’s fourth-quarter of $404m, a 23 per cent year-on-year increase. Read more
Everything seemed to be going well enough earlier this month when Cemex, the Mexican cement producer, raised $1.15bn from the partial sale of its Latin American subsidiary on the Colombian Stock Exchange. According to the BVC, as the exchange is called, the offering raised $153m in Colombia and $997m overseas, through two simultaneous operations.
Sadly for Cemex Latam Holdings, or CLH, its shares dropped 2.7 per cent, to 11,920 pesos, in its first trading day on Friday. The company had issued 170.4m shares at 12,250 pesos. Read more
The collapse of Colombia’s biggest broker, Interbolsa, might have prompted some investors to dump the country’s bond and currency last week.
Yet that was not enough to prevent Cemex, the Mexican cement producer, from raising close to $1.1bn from the partial sale of its Latin American subsidiary on the Colombian Stock Exchange last Wednesday. Read more