Argos, Colombia's largest cement manufacturer has offered to the market 250 million preferred shares for sale to both local and foreign investors. The proceeds of the sale would be to fund its expansion plans.
The share sale would be open for just fifteen (15) working days and each sale has a price range of 7,700 Colombian pesos and 9,300 Colombia pesos or roughly US$4.20 and US$5.07 per share in a communique sent by the company to local Colombian media.
With the volume of 250 million preferred shares, the total sale could raise between 1.92 trillion and 2.32 trillion Colombian pesos or US$1.05 and US$1.27 billion.
The sale would be conducted in two stages, with the first stage being a volume offering of 182 million preferred shares and a second issuance depending on the market response to the first stage.
Grupo Argos owns controlling majority in Argos. Grupo Argos in turn is a holdings company that is part of Colombia's biggest industrial conglomerate, Grupo Empresarial Antioquno.
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