Bolivian cement producer Fancesa is to hold an extraordinary shareholders meeting September 9 in Sucre, Fancesa said in a filing to the country’s stock market. The meeting will include discussions about increasing the authorized and social capital of the company, issuing new shares and modifying company bylaws. Company officials were unavailable to comment on the reasons for the proposed actions.
Earlier this year, company shareholders, the Sucre local government and the University of San Francisco Xavier rejected a merger proposal from Soboce, the third shareholder in the company and Bolivia’s leading cement producer, and vowed to strengthen the company and expand the business. The merger of Soboce and Fancesa would create a company with combined assets of US$180mn and a 75% share of Bolivia’s cement market.