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Jul 8, 2009, 15:44 GMT

Holcim shareholders approve 2.1 billion-franc capital hike (Roundup)

Geneva - Swiss firm Holcim, the second largest cement and aggregate maker in the world, received the nod from shareholders on Wednesday for a large-scale shares issuance in order to raise capital. The subscription price of the new shares will be 42 Swiss francs (38.51 dollars) - a 28 per cent discount off Tuesday's closing price. Holcim expects to produce gross proceeds of 2.1 billion francs from the capital-hike. The stock was down about 3.85 per cent, to 56.25 francs, in late afternoon trading on the Zurich exchange. Shareholders representing some 47 per cent of the company's share capital took part in the extraordinary general meeting which approved the move. 'The year 2009 will turn out to be difficult. Up to May there was no reversal of the underlying economic trend visible,' Holcim said in a statement prior to the vote. 'Some markets like the US, Spain and Eastern Europe are still difficult. On the other hand, in Asia - e.g. in India - and in Latin America Holcim sees a quite satisfactory trading activity,' the statement read. Holcim, hit by the construction downturn connected to the collapse of key housing markets, has been looking to expand into emerging markets and strengthen its positions there. It recently announced plans to buy Cemex Australia, with reach into the developing world and natural resources, and was looking to participate in a planned non-public offering of Huaxin Cement in China.

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