Feb. 26 (Bloomberg) -- Cementos Argos SA, Colombia’s largest cement maker, is planning a preferred stock sale that will include as many as 250 million shares, Chief Executive Officer Jorge Velasquez said.
“We’re watching developments in the market, and depending on that we’ll determine the best moment to launch the eventual offer,” Velasquez said today on a conference call with investors.
Cemargos is seeking to raise cash through its initial sale of preferred shares to “increase the company’s financial flexibility to allow it to maximize growth opportunities,” Velasquez said. The board will determine the final size of the offering, he said.
The company’s common shares fell 0.9 percent to 9,400 pesos at 1:40 p.m. in Bogota and have dropped 10 percent since Feb. 15, when the company said it was planning to sell preferred shares in local and international markets.
Cemargos has 1.2 billion common shares outstanding, according to data compiled by Bloomberg.
--Editors: Dennis Fitzgerald, Bradley Keoun