The Board of Cementos Argos has approved the sale of 20 per cent of shares of Argos Panama for the sum of US$126m.

Buyer is the Grupo Provivienda, controlled by Federico Salazar, a Colombian-Panamanian investor. The company is part of the Grupo Cusecar, which has 22 years of experience in the construction sector in Panama and Central America.

The sale is part of Cementos Argos’ plan to raise funds for the financing of the Martinsburg plant in the US by a divestment of US$350m.