Colombian Cementos Argos to sell power plant for $112m

Colombian Cementos Argos to sell power plant for $112m
Published: 01 February 2008

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.