Argentina-based Loma Negra (Intercement) has sold its 51 per cent majority stake in Paraguay’s Yguazú Cementos. The value of the deal was not announced, but the company had been valued at US$80m.

The buyer was a local shareholder company ConcretMix (owned by Grupo Bogarín), according to a note sent to Argentina’s National Securities Commission. Loma Negra is expected to use the funds from the transaction to pay its debt with local banks.

In 2000 Intercement founded Yguazú Cementos in partnership with ConcretMix. It started as an importer but, due to growing demand, built its own factory in Villa Hayes.

"The objective of the company is to seek and execute projects with high potential, for that reason, after having started marketing operations in Paraguay in the 2000s, built and operated the factory since 2013, and currently reaching high standards of production and profitability, we have finally decided to finalise its sale," stated Loma Negra.