GCC expects US93m compensation for Fancesa

GCC expects US93m compensation for Fancesa
24 February 2011

Mexican group Grupo Cementos de Chihuahua,  partner of the Bolivian company Soboce, announced yesterday that it expected a compensation of $ 93 million for its shares in the Fabrica Nacional de Cemento SA (Fancesa) expropriated by the government in favour of the governor of Chuquisaca in September last year.

Planning manager of Grupo Cementos de Chihuahua, Jaime Fernandez, said the amount was defined by the Chilean firm Celfin Capital, hired to be "an independent opinion of value" of shares, 33 percent of the company Fancesa, at the periphery of the study commissioned by the Government.

"We arrived at the amount of US$280m, which is the estimated market value of Fancesa. Which would correspond to the package that the government recovered (...) is a third, or approximately US$93m, "he said.
Published under Cement News