BOGOTA, Nov 11 (Reuters) - Grupo Argos plans to issue preferred shares in the first quarter of 2015 to fund expansion projects, the Colombian holding company said in a regulatory filing late on Monday.
The issue of 50 million shares would raise about 1.1 trillion pesos ($523 million), according to Reuters calculations based on the current price of preferred stock, which closed at 22,300 pesos ($10.60) on Monday.
The shares would be offered on the local stock market as well as internationally, the company said.
Grupo Argos, which is involved primarily in the construction and energy industries, issued 1 trillion pesos ($475 million) in bonds in September. It is the controlling shareholder of Cementos Argos, the nation’s largest cement maker.
The holding company is controlled by Colombia’s largest industrial conglomerate, Grupo Empresarial Antioqueno.
$1 = 2,103.12 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Lisa Von Ahn