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MEXICO CITY - Cemex SAB announced it has sold about 90 percent of its stock in Mexican fixed-line phone company Axtel SAB to pay off debt.
| CX | 4.1 |  -0.19 |
The $257 million sale of 119 million shares represents 9.5 percent of Axtel's equity capital, Cemex said Monday.
The sale "will allow us to obtain $257 million in cash that will be used to reduce debt," chief financial officer Rodrigo Trevino said in a statement.
In January, the company said it lowered its net debt by $252 million in the fourth quarter to end the year at $18.9 billion, equivalent to 3.6 times earnings before interest, taxes, depreciation and amortization, or Ebitda.
At the time, Cemex said it hoped to reach a target of 3 times Ebitda by the end of 2008 and 2.4 to 2.7 times Ebitda by June 2009.
NAME_Timothy F. Geithner AGE-BIRTH DATE-LOCATION-47; August 18, 1961, New York City.
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