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The board of Colombia’s largest cement maker Cementos Argos approved the sale of COP300 billion (US$150 million) of bonds on the local market, the company said Monday in a filing to the local market regulator.
The company didn’t give any information about when the bonds will be put out for sale or what it will finance with those funds.
Cementos Argos recently said its net profit over the first nine months of the year rose 86% to US$100 million as a result of gains from the sale of coal assets to Brazil’s Vale SA in the first quarter.
Shares of Cementos Argos ended unchanged Monday at COP10,500.
