Cemex Holdings Philippines Inc., a listed cement manufacturing group, said Tuesday it spent around 86 percent of the P12.77 billion it raised from a stock rights offer conducted in 2020.
The listed company said it used P10.98 billion for the expansion of its Solid Cement plant in Antipolo City. The project aimed to raise the manufacturing facility’s annual capacity to 3.4 million tons from 1.5 million tons.
Cemex advanced the amount for the Solid Cement project in a form of a loan.
The company has set a budget of $356 million for the Solid Cement expansion, which is scheduled for completion within the first half of 2024.
Cemex offered a total 8.29 billion shares at a price of P1.54 each.
