CEMEX, S.A.B. de C.V. (CX) announced the successful completion of the sale of its Australian operations to Holcim Group. The proceeds from the sale are about A$2.02 billion or around US$1.7 billion. The company plans to use the net proceeds to reduce debt and to strengthen CEMEX's liquidity position.
The asset divestment marks CEMEX's efforts to regain its financial flexibility, including the refinancing of US$15 billion dollars of debt and the global offering of 1.495 billion ordinary participation certificates with the over-allotment option, with estimated net proceeds of US$1.782 billion.
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