Cemex Latam Holdings (CLH) announced on Friday that they will hold an extraordinary meeting to decide to carry out a delisting takeover bid on the Colombian Stock Exchange (BVC). The children of Sebastián Piñera sold their stake in Cemex Latam.
The international holding company of the cement-concrete sector with operations in Central and South America and sales of nearly $1,000 million dollars no longer wants to be on the BVC.
Why is CLH leaving the BVC?
Currently on the BVC the share closed on September 30 at $2,990 pesos.
The majority shareholder, Cemex España SA, with 516,232,860 million shares (89.27%) of the total in circulation, has found that CLH is losing market value while its assets have been increasing.
The stock is losing book value, while the owners prefer to buy back that 10% outstanding and take it off the stock market.
As of December 2012, equity per share was 4,427 pesos and the share traded at $11,380 pesos.
This stock was one of the favorites of the institutional funds who came to pay up to $18,000 pesos per share.
???? Black Monday on the BVC, shares plummet once more
Now this share has lost value in BVC, while the book value amounts to 8,000 per share.
In other words, when the company had less equity, the funds paid almost 5 times more and now that it is worth 4 times more in books, now they pay 5 times less.
CLH expects to pay a reasonably high amount so that minority shareholders are encouraged to sell.
???? Cemex, the competition of Cementos Argos is a great tax evader
