Argos makes US$38m share issue

Argos makes US$38m share issue
Published: 05 July 2004

Colombia’s largest cement producer, Cemento Argos, raised 103bn pesos (US$38m) Thursday (July 1) with the issue of more than 6.8m shares giving the country’s stock market its biggest ever-trading day, local press reported.  The share issue, equivalent to 3.7% of the company’s stock (161m shares) was primarily responsible for the Bolsa de Valores de Colombia record trades totaling more than 109bn pesos. Shares were issued at an average price of 15,002.3 pesos.

Argos is a subsidiary if Grupo Empresarial Antioqueño (GEA) and has 52% of the Colombian cement market. Its domestic portfolio includes Cementos Caribe (69%), Río Claro (13%), Paz del Río (25%), Nare (14%) and El Cairo (95%). Additionally, the company has holdings in Panama, Venezuela and other Central American countries.  Argos is owned by GEA (48%), Corporación Financiera Internacional (15%) and others (37%).  No details about the reason for the issue or what the funds will be used for were given.