OREANDA-NEWS. CEMEX, S.A.B. de C.V., announced today that CEMEX Holdings Philippines, Inc. (“CHP”), an indirectly wholly-owned subsidiary of CEMEX Espana, S.A., priced on June 30, 2016 in Asia its initial public offering of 2,032,980,830 common shares at a price of 10.75 Philippine Pesos per common share (the "Offer Price"). The common shares offered by CHP include 2,032,980,830 new common shares offered in a public offering to investors in the Philippines and in a concurrent private placement to eligible investors outside of the Philippines. CHP has also granted the underwriters an option to procure subscribers for or themselves subscribe for up to an additional 304,947,124 common shares at the Offer Price (the “Additional Shares”), which option is exercisable at any time up to and including the day prior to the date the common shares are initially listed and commence trading (the "Listing Date") on the Philippine Stock Exchange (the "PSE"). CEMEX Asian South East Corporation (“CASE”), which is an indirect wholly-owned subsidiary of CEMEX Espa?a and CHP's principal shareholder, has undertaken to purchase up to 304,947,124 common shares from the underwriters at the Offer Price at any time from and after the Listing Date until the date that is 30 days following the Listing Date (the "Undertaking to Purchase"). After giving effect to the Offering, CASE would directly own approximately 55.0% of CHP's outstanding common shares (assuming the Undertaking to Purchase is not utilized).

CHP's common shares have been approved for listing on the PSE under the ticker "CHP". The closing of the Offering is expected to occur on July 18, 2016, subject to the satisfaction of customary closing conditions.

The net proceeds to CHP from the Offering are estimated to be approximately $506.8 million after deducting estimated underwriting discounts and commissions, and other estimated offering expenses payable by CHP (assuming the Additional Shares are purchased by the underwriters or subscribers procured by them and based on the exchange rate of 46.932 Philippine Pesos per U.S. dollar published on June 29, 2016 by the Philippine Dealing & Exchange Corp). CHP expects to use the net proceeds to repay existing indebtedness owed to BDO Unibank, Inc. and to one or more indirect subsidiaries of CEMEX. In turn, CEMEX expects to apply its net proceeds to general corporate purposes, including the repayment of existing indebtedness.

This transaction is important in the context of CEMEX’s previously announced asset divestiture plan.