At its annual stockholder meeting in April, Cemex S.A. de C.V. of Mexico announced that trading in its American depository shares (ADS) will reflect a
CP STAFF
At its annual stockholder meeting in April, Cemex S.A. de C.V. of Mexico announced that trading in its American depository shares (ADS) will reflect a two-for-one stock split some time after July 3. In connection with the shareholder-approved split, each of Cemex’s existing series A shares will be surrendered in exchange for two new series A shares, and likewise with series B shares. Cemex ADS will continue to represent 10 share units (CPOs) as traded on the Mexican Stock Exchange.
On the New York Stock Exchange, Cemex ADS closed April at $67.52, up more than 90 percent over the $35.44 close on April 29, 2005. The split follows similar moves over the past year by NYSE-traded Eagle Materials (3-for-1), Florida Rock (3-for-2), and Rinker Group (2-for-1), each responding to soaring stock valuations.