GCC sells stake in Bolivia’s Soboce

GCC sells stake in Bolivia’s Soboce
Published: 22 August 2011

Grupo Cementos de Chihuahua (GCC) said it had finalized the sale of its 47 per cent stake in Bolivian peer Sociedad Boliviana de Cementos (Soboce) to a unit of Peru’s Grupo Gloria.

In a statement on its website, GCC said on Friday its holding in Bolivia’s top cement maker would go to Consorcio Cementero del Sur, SA, a subsidiary of the agroindustrial Grupo Gloria. It gave no details of the price.

"Proceeds from the transaction will be used primarily for debt reduction, in line with the company’s goal of improving its financial profile and strengthening its core businesses in the United States and Mexico," GCC said.

In April, a judge in Bolivia ordered a freeze on assets held by Soboce, which is 53 per cent owned by a group controlled by Samuel Doria Medina, a political rival of Bolivian President Evo Morales.