The Colombian anti-trust watchdog fined the country’s three largest cement makers with COP923m ($424,000) each for fixing prices in the second half of 2005, the regulator said Wednesday in a statement.
The anti-trust regulator fined Colombia’s largest cement maker Cementos Argos, and the local units of Cemex SA and Holcim Ltd.
"The fines are the result of an investigation that showed that during the second half of 2005, the cited companies participated in an agreement to fix prices of Gray Portland Type 1 cement to divide between themselves the market of this product at a national level," the statement said.
The regulator found there was exchange of confidential information between the three companies.
The three companies can appeal the decision.
The regulator also said it fined the legal representatives of the three companies with COP414 million.