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Mexico's Elementia agrees plan to raise up to $234 mln
October 18, 2016 / 3:25 PM / a year ago

Mexico's Elementia agrees plan to raise up to $234 mln

MEXICO CITY, Oct 18 (Reuters) - Mexican cement maker Elementia agreed to raise up to 4.37 billion pesos ($233.75 million) with the issuance of some 218.4 million shares, the company said on Tuesday.

Shareholders of the company, which is part owned by Mexican billionaire Carlos Slim, agreed at a meeting to issue the shares at 20 pesos per share. However, just under third of this sum would be counted as variable equity capital in Elementia, it said.

As a result, Elementia’s equity capital would be increased by up to 1.39 billon pesos, the firm said in a statement.

$1 = 18.6950 Mexican pesos Reporting by Mexico City Newsroom

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