Argos to receive loan, Colombia

Argos to receive loan, Colombia
Published: 28 July 2010

Cementos Argos, Colombia’s largest cement, said it received authorization from its board to negotiate a loan with Bancolombia of COP350,000m, which will be used mostly to replace liabilities.

"The resources obtained through the said fund should be mainly for replacement liabilities, the company said in a communication to the Superintendent of Financial.

Argos’s announcement is recorded at a time when the country enjoys low interest rates in an expansionary monetary policy promoted by the Central Bank to boost the economy.

Argos controls 51 per cent of the Colombian market and has an installed production capacity in excess of 13Mt of cement.