Cemex Philippines IPO tests Duterte effect

The Mexican cement producer plans to spin off its Philippine operations to repay short-term borrowings in first market test since new president was elected.

Mexican building materials supplier Cemex has officially kicked off the partial sale of its Philippine operations through an initial public offering on the Manila stock exchange, posing the first test of market sentiment towards new equity offerings since Rodrigo Duterte's election as president.

Premarketing of the Reg S144A transaction started on Friday and will run through June 10, according to a source familiar with the situation.

The IPO will be closely watched as a measure of investor sentiment on the Philippines as the tough-talking Duterte prepares to take office on June 30, and on the country's industrial sector, which has attracted far less international interest...

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