Briones-linked group, Cementos Bio Bio, has partnered Brazilian firm Votorantim Cimentos to underwrite a capital increase in the Peruvian company Cempor SA and seal its entry into that market.
"The agreement provides that Cementos Bío Bío and the Brazilian firm Votorantim Cimentos (the market leader in Brazil) will, each with 29.5% of the ownership of Cempor SA, a Chilean operation implemented under the subscription a capital increase of U.S. $ 59 million, "explained the company.
The remaining shares would be held by the Peruvian IPSA, linked to the Peruvian businessman Victor de la Torre, and the Spanish company World Cement Group, each of which will own 20.5% of the shares of Cempor.
The company explained that the capital increase is intended "to build a cement plant near Lima, with a production capacity of 750,000tpa. These investments would be made within approximately two years. "
Cempor owns in the neighbouring country of a limestone deposit, the main raw material for cement manufacture, located in the district of Pachacamac, 40 miles from downtown Lima.
The president of Cementos Bío Bío, Hernán Briones said that "entry to Cempor is a great opportunity to realise the internationalszation of the company. We believe that Lima is an excellent market to begin this process, due to significant and sustained growth that its economy has shown. "