Chilean natural gas distributor Gasco, controlled by local energy holding group CGE, has completed the sale of its 40.9% stake in local cement company Polpaico.
Gasco obtained 54.8bn pesos (US$117mn) through the sale, shedding 7.31mn shares priced at 7,500 pesos each, the company said in a filing with local securities and insurance regulator SVS.
The sale was broken down into 45% for non-institutional investors, 30% for institutional investors and 25% for the retail sector, according to local daily Diario Financiero.
The gas firm will use the funds from the sale to strengthen its business in both Chile and Colombia, and will use close to 80% to carry out investments in Colombia, specifically in Autogasco and local businesses.
Polpaico, controlled by Swiss group Holcim, makes up roughly one-third of the Chilean cement market.