Displaying items by tag: Consorcio Cementero del Sur

Bolivia: The Permanent Court of Arbitration has found itself ‘without jurisdiction’ to resolve a claim by Consorcio Cementero del Sur, Grupo de Inversiones Gloria Bolivia, SOBOCE and Yura Inversiones Bolivia against the Bolivian government over the nationalisation of a stake in FANCESA. Local press has reported that Bolivian Attorney General’s Office welcomed the finding as a ‘resolution of the case in favour of the Bolivian state.’

US: A US federal court has upheld the ruling of a Colorado district court that Mexico-based Grupo Cementos de Chihuahua (GCC) must pay around US$36m compensation to Compañía de Inversiones Mercantiles (CIMSA) for failing to grant it a right of preference prior to GCC’s sale of its 47% stake in Sociedad Boliviana de Cemento (SOBOCE).

Peru-based Consorcio Cementero del Sur obtained 100% ownership of Bolivia-based SOBOCE following its acquisition of GCC’s stake in 2011.

Bolivia: A group of retired workers who used to work for Sociedad Boliviana de Cemento (Soboce) have asked for a 10% share in the cement producer. They have made their request to the company’s largest shareholder, the businessman and politician Samuel Doria Medina, according to the La Razon newspaper. They were allocated a 10% share in the business in 1975. However, the pensioners allege that Doria Medina cancelled their shares using false documentation. Doria Medina holds a 49% share in the company. He sold the other 51% share for US$300m to Holding Cementero, the largest shareholder of Consorcio Cementero del Sur, which is part of Gloria Group in 2014.

Peru: Consorcio Cementero del Sur (CCS), a subsidiary of Gloria Group, has signed a contract to buy all of Brazil’s Votorantim’s shares in Cementos Otorongo for US$4m and those of Votorantim’s subsidiary Corporación Noroeste. Cementos Otorongo is planning to build a cement plant in southern Peru for US$125m, according to the Gestión newspaper. Cementos Otorongo submitted an environmental impact study on the project in 2011 for proposed sites in La Joya, Arequipa and Mollendo, Islay. The planned plant will have a production capacity of 0.65Mt/yr.

This story was corrected on 18 August 2016 following clarification from Votorantim.