Camargo Correa reportedly looking to sell stake in InterCement

Camargo Correa is looking to sell a stake in cement maker InterCement for up to BRL3.6bn (US$1.2bn) to make new overseas investments, according to a report in Brazilian daily newspaper Folha de S Paulo.

Camargo Correa is looking to sell between 10-18 per cent of InterCement for between BRL2bn-3.6bh, the newspaper reported on Tuesda.

Folha reported that Camargo Correa's hefty BRL8.2bn of debt had led the company to seek a minority partner in order to take advantage of opportunities to grow in Egypt, Mozambique and Paraguay.