Briones sisters sell Bío Bío stake to Gloria Group

Anita and Loreto Briones Goich of ALB SpA have sold their entire 19 per cent stake in Cementos Bío Bío, the cement company founded by their father, Hernán Briones Gorostiaga in 1957.

The shares were sold for approximately US$46.8m to the Peruvian Gloria Group. Cementos Bío Bío includes CBB, Inacesa, Ready Mix and Inacal and has a presence in Chile, Argentina and Peru.

The sale follows the divestment of shares to Peru-based Unión Andina de Cementos, who purchased 50 per cent of the shares for US$14m two years ago.