April 19, 2013 / 5:41 PM / 4 years ago

Homex shares soar on prison stake sale

MEXICO CITY (Reuters) - Shares in Mexican homebuilder Homex (HOMEX.MX) climbed more than 14 percent on Friday after it said it raised 4 billion pesos ($327.23 million) by selling a stake in some of its prisons to a bank and a construction company owned by Carlos Slim.

The homebuilder, which has been struggling under a heavy debt load and slowing home sales, said it will use half the proceeds to pay down debt and the remaining half as working capital for its Mexican division.

Reporting by Elinor Comlay and Gabriela Lopez

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