Cemex announced that it sold a 9.47 percent direct interest in Mexico-based Grupo Cementos de Chihuahua (GCC) for approximately $168 million, which will be used mainly for debt reduction and general corporate purposes. The company continues to have a 20 percent indirect interest in GCC through CAMCEM, an entity that owns a majority interest in GCC and in which Cemex has a direct interest.
The sale of the GCC shares comprised the remainder of Cemex’s direct interest in GCC, which was not previously sold earlier this year. The company had directly owned 23 percent of the outstanding share capital of GCC. The sale is part of Cemex’s previously announced global asset divestiture plans.