UPDATE 1-Mexican Carlos Slim's cement maker Elementia plans IPO

lunes 22 de septiembre de 2014 15:36 GYT
 

(Adds executive's comments, details on possible IPO date)

Sept 22 (Reuters) - Mexico's Elementia, a construction conglomerate partly owned by billionaire Carlos Slim, is exploring the possibility of soon launching an initial public offering, the company's chief executive officer said on Monday.

Top Elementia executive Eduardo Musalem said in a conference call that the company was looking at issuing stock and that it would make a decision by the beginning of October. He said it was too early to say how big the share offer could be.

On Friday, Elementia said it will buy the stake held by France's Lafarge in their jointly owned cement maker in Mexico for $225 million.

Musalem said that proceeds from the potential stock offer could be used to expand its cement business and fuel further acquisitions. The company has four divisions including cement, metals, plastics and construction operations.

"Elementia has operations in nine countries, and we have been looking at opportunities in all of those countries," he said.

Mexican businessman Antonio del Valle, who controls plastic pipe maker Mexichem, holds 54 percent of Elementia, and Slim's industrial conglomerate Grupo Carso owns the other 46 percent. (Reporting by Gabriela Lopez and Michael O'Boyle; Editing by Lisa Shumaker)