HONG KONG, March 14 (Reuters) - Cemex Holdings Philippines, a subsidiary of Mexican cement giant Cemex, plans to raise up to $500 million in an initial public offering, IFR reported on Monday, citing a banker familiar with the plans.
The company tapped Citigroup, HSBC and JPMorgan to manage the IPO, though no timetable has been decided for the deal, added IFR, a Thomson Reuters publication.
Cemex didn’t immediately reply to a Reuters request for comment on the IPO plans.
The company said on Friday the IPO is one of the options the company is exploring as part of a divestiture plan. The plan, unveiled in 2015, aims to shed assets worth $1 billion to $1.5 billion by mid-2016. (Reporting by S. Anuradha of IFR; Writing by Elzio Barreto; Editing by Michael Perry)