Grupo Argos sells Compas share
Grupo Argos has announced that it has sold its 50% share in port operator Compañía de Puertos Asociados (Compas) to an investment fund managed by Goldman Sachs for around $136m, Reuters has reported.
The Colombian conglomerate, which has large investments in the cement and energy industries, sold its share to the finance company’s West Street Infrastructure Partners III for 407bn pesos, which is 2.5 times the amount it invested in the business in 2012.
The same day, Grupo Argos reported that its Q2 net profit fell 41.6% to $72.1 million (215.4 billion pesos) from the previous year.
Compas mainly moves coal and cement through its ports in Colombia, which have a total capacity of over 13 million metric tonnes.
In 2016, the port operator had an income of 165bn pesos.