Mexican buildings materials supplier Cemex officially launched the partial sale of its Philippine operations on Tuesday, looking to raise Ps24.4 billion $525 million in what would be the country’s largest initial public offering from the industrial sector.
The deal for up to 45% of Cemex Philippines, which would be Manila's second listing of a global cement giant subsidiary after Holcim Philippines, has strong support from cornerstone investors.
Its success or otherwise will nonetheless provide an early gauge of investor confidence in the new government's ability to sustain the country's healthy pace of economic development and spread its benefits more effectively.
Cemex’s motto...
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