Colombia’s largest cement producer Cementos Argos plans to issue up to 250m preferred shares to finance an expansion plan, the company said on Tuesday.

Argos has set a range of between COP7700-9300 (US$4.20 to US$5.07) per share for the offering, the company said in a statement to Colombia's financial regulator.

Argos is expected to give more details later this week, according to market sources.