Argos sells stake in port company

Grupo Argos has sold its 50 per cent stake in a port operator to an investment fund managed by Goldman Sachs for about US$136m, Grupo Argos said in a statement on Monday.

Compania de Puertos Asociados SA, called Compas, moves principally coal and cement through its ports in the Andean country. Argos' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for COP407bn.

The sale price is two and a half times what Grupo Argos invested in the business in 2012, Argos said in the statement.

Compas had an income of COP165bn in 2016, and its ports have a total capacity of more than 13Mt.