Cemex Latam Holdings (CLH) confirmed that the Financial Superintendence authorized it to initiate the takeover bid (Opa) for the delisting of ordinary shares in the National Registry of Securities and Issuers and the Colombian Stock Exchange, with which 61 titles will remain in the Colombian market .
(Cemex broke a record in sales of concrete reduced in CO2 emissions).
However, 30 papers have a low trading volume in the Colombian stock market.
It must be remembered that at the end of 2022 the operation was reported, with which the procedures and deadlines established by the Financial Superintendency were activated to obtain authorization to cancel the registration of the shares both in the Registry and in the stock market.
The initiative was presented before the Superfinancira and the stock market by Cemex Spain for shares of the subsidiary CLH.
“The takeover bid is formulated to acquire a minimum amount equivalent to 0.0000002% and a maximum amount equivalent to 4.69%,” the company mentioned when it announced the offer last December.
Trade price per share
The purchase price for each share amounts to $4,735.
In addition, before Superfinanciera CLH, it approved the financial statements for the fourth quarter of 2022, which include a “non-monetary goodwill impairment charge in the income statement of US$124 million”within the heading of other expenses, net.
It should be clarified that the aforementioned impairment of goodwill is related to the operating segment of CLH in Panama.
(Integration of the Colombian, Peruvian and Chilean stock exchanges will be complete in 2024).
In any case, the company clarified that said non-monetary charge does not affect CLH’s liquidity or operating flow, although it decreases total assets and stockholders’ equity as of December 31, 2022 compared to the financial statements for the third quarter of 2022 . On the other hand, this non-monetary charge for impairment implies an increase in the net loss for the 12-month period ended December 31, 2022.
It was also known that Cemex will present its fourth quarter financial results and 2022 balance sheet on February 13.
The most recent departures
According to the certified financial analyst, Andrés Moreno Jaramillo, once the Opa process is completed, 61 shares will remain on the Colombian stock market.
He recalled that in 2001, when the Bogotá, Medellín and Occidente stock exchanges merged, there were 125 shares, so the number that will remain in the coming weeks is less than half of those that existed at that time.
(By the end of 2023, definitive steps will be taken in the integration of stock markets).
Thus, it is estimated, in Moreno’s opinion, that the stock market will once again have a similar number of shares to those it had some four decades ago.
It must be remembered that in recent years shares such as Coomeva EPS, Productos Familia or the airline Avianca have left the stock market.
Andrés Moreno Jaramillo considers that the exit of a single company from the Colombian stock market, even if it was not traded except on a few occasions, is quite noticeable since the Colombian market is small and with no more than 30 liquid firms.
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