BOGOTA May 9 Colombia's largest cement maker Argos on Thursday issued 1.4 trillion pesos ($765 million) worth of preferred shares to finance expansion plans, selling the shares at the low end of the indicative range.
The company sold the 182 million shares at 7,700 pesos each to both domestic and foreign investors, receiving offers worth 2.1 trillion pesos, the company said in a statement.
It may sell another 32 million shares in a second round at the same price per share, it said.
When it launched the offer on April 17, Argos set a range of between 7,700 and 9,300 Colombian pesos per share. The shares will trade in Colombia on May 17.
Argos shares closed at 8,240 pesos on Colombia's stock exchange.
Argos also operates in the United States and Panama.
Argos is controlled by Grupo Argos, a holding company that is part of Colombia's largest industrial conglomerate, the Grupo Empresarial Antioqueno, or GEA.
Argos has $5.1 billion in assets and $2.0 billion in liabilities.