Holcim Apasco expecting US$73mn from accounts receivable securitisation

Holcim Apasco expecting US$73mn from accounts receivable securitisation
Published: 29 November 2009

Holcim Apasco, a subsidiary of Holcim, expects to raise up to 950mn pesos (US$73.1m) from a securitization of accounts receivables, in a move to replace its short-term debt with long-term debt, paper Milenio reported.

The transaction represents the company’s return to the stock market after a five-year absence, according to Holcim Apasco’s investor relations director Gustavo Gastélum.

Part of the proceeds will be injected into new spinoff company Apacim, which will offer financing solutions, advisory services, consultancy and technical assistance to clients in the infrastructure sector.

"This is not about trying to compete with our clients, the construction companies; what we want is to offer solutions to the financial, operational and other requirements presented by both large and small companies," Gastélum was quoted as saying.

Last week, Holcim Apasco announced that its cement, concrete and aggregates sales unit will exist as new company Apacim as of December 1.