Panama: Cementos Argos has sold a 20% share in its Panamanian subsidiary to the Panama-based real estate investment firm Grupo Provivienda for US$126m. The sale of its stake will leave Cementos Argos with 78.57% of shares in the company, an equivalent of US$700m, while the remaining 1.43% will remain under control of minority shareholders.
Overall, the Panamanian transaction is part of the company's US$350m divestment plan that will finance its purchase of the Essroc cement plant at Martinsburg, West Virginia, USA. The Martinsburg plant is being sold as part of divestments resulting from HeidelbergCement’s ongoing acquisition of Essroc’s parent firm Italcementi.