Colombia’s Argos transfers US$91m to its US unit to repay debt

Colombia’s Argos transfers US$91m to its US unit to repay debt
Published: 17 July 2008

Colombia’s largest cement maker, Cementos Argos SA, will transfer US$91m to its US unit so it can pay outstanding debt, Argos said in a filing with the securities regulator.
 
The company didn’t say how it will finance the capitalization of its subsidiary.
 
In 2005, Cementos Argos bought two cement companies with operations in Georgia, North Carolina and Texas for almost US$700m. Chief Executive Alberto Velez said earlier this year that the company plans to invest in order to expand the capacity of its concrete plants and ports in the U.S.