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MEXICO CITY, Jan 25 (Reuters) - Mexican cement company Cemex SAB de CV said on Wednesday it was forging ahead with its plan to sell its 23 percent stake in Grupo Cementos de Chihuahua SAB de CV, a move that could raise more than $400 million.
Cemex said it valued its Cementos de Chihuahua shares at up to 115 pesos ($5.37) each. The company said it could offer as many 76.5 million shares in the offering, potentially bringing in as much as $410 million.
Cementos de Chihuahua shares rose more than 23 percent to 85 pesos per share, while Cemex shares drifted into negative territory after having initially risen on the news.
Cemex said in a statement that the eventual size and timing of the sale, which will take place locally and also be open privately to foreign investors, depended on market conditions.
In recent years, Cemex has been looking to sell billions of dollars worth of assets as it looks to improve its creditworthiness.
The company, one of the world’s largest cement producers, first announced plans to sell its 23 percent Cementos de Chihuahua stake in September, when it sought regulatory approval for the move.
After Donald Trump’s election as U.S. president, various Mexican companies have postponed stock offerings due to uncertainty over his policies that could hurt Mexico.
Trump, who took office last week, has promised to renegotiate or scrap the North American Free Trade Agreement, slap hefty taxes on companies shipping products from Mexico to U.S. markets, and build a wall along the border.
Cemex and Cementos de Chihuahua could benefit from the construction of a major new border fence or wall, though, since they often supply materials for U.S. infrastructure projects in the region.
Two sources said this week that tequila producer Jose Cuervo, which had twice stalled its initial public offering, is planning to price it on Feb. 8 in a bid to raise up to $1 billion.
$1 = 21.4250 pesos Reporting by Bangalore Newsroom and Gabriel Stargardter in Mexico City; Editing by Lisa Von Ahn and Tom Brown