Colombian construction firm Conconcreto is planning to change its name to Constructora Conconcreto and release up to 72mn shares, local paper La Republica reported.
After restructuring, the firm's investment branch will be called Inversiones Conconcreto, while its housing and investment branch will become Inversiones y Desarrollos Inmobiliarios. The three entities will operate independently.
The firm's board of directors will meet to define details of the changes, the paper reported.
Conconcreto shareholders have approved the issuance of 72mn shares, which represents nearly 20% of the firm's capital, paper El Colombiano reported. Details will be finalized at the next meeting, scheduled for October 29.
Conconcreto is currently working on stretch I of the Ruta del Sol highway, the expansion of Medellin's metro and a road stretch for capital Bogota's mass transport system Transmilenio.