Colombian InverArgos to sell stake In Cementos Argos

Colombian InverArgos to sell stake In Cementos Argos
Published: 30 October 2009

Colombian holding company Inversiones Argos SA said late Wednesday it is evaluating the possibility of selling a minority stake in its cement maker Cementos Argos SA

InverArgos hired four investment banks Bancolombia SA, Citigroup Corp, JPMorgan Chase Co and Banco Santander SA to evaluate the market situation and seek potential buyers for between 5% and 9.73% in Cementos Argos, the country’s largest cement maker, the company said in a filing to the Colombian market regulator.

"The proceeds of the sale would go mainly to pay the debt Inversiones Argos contracted to acquire an important stake in Colinversiones SA," the filing said.