CEMEX announces share repurchase program
March 24, 1997
The Board of Directors of CEMEX, S.A. de C.V. today authorized a program to repurchase shares in the amount of up to $1.6 billion pesos (US$200 million) net of cash dividends paid during the repurchase period. This program shall be implemented upon approval at the annual shareholders´ meeting scheduled for April 24, 1997.
Under this program CEMEX intends to repurchase shares which in the aggregate amount to at least $920 million pesos (or US$115 million), net of cash dividends paid. At current market prices, this would represent 2.3% of the aggregate value of shares outstanding.
The purchases will occur from time to time in the open market, and/or in privately negotiated transactions as market conditions warrant. Any purchase would depend on price, market conditions, and other factors. The Company will fund the share repurchase program with internally generated funds from existing operations.
This share repurchase program is consistent with the Company´s stated goal of making investments that are accretive to shareholders. It also reafirms its commitment to creating shareholder value both in the long-term and the short-term.
With a multinational presence and more than 50 million metric tons of annual installed production capacity world-wide, CEMEX is one of the world´s leading producers of cement, ready-mix concrete and aggregates. Today, CEMEX has operations in 22 countries and trade relations with 60 countries around the globe.