Colombia’s largest cement maker Cementos Argos SA and its holding company Inversiones Argos SA have agreed to sell the Merilectrica power generation plant to holding company Colinversiones SA for US$112m, according to a filing to the securities regulator.
The boards of Cementos Argos, which owns 80% of Merilectrica, and Argos, which owns the remaining 20%, accepted an offer from Colinversiones, the filing said late Wednesday.
The transaction still depends on a process of due-diligence, the filing said.
Cementos Argos will use the proceeds of the sale to expand and improve its cement business. Published under Cement News