October 28, 2016 / 6:37 AM / a year ago

BRIEF-Cementos Portland and FFC approve corporate operation in Giant

Oct 28 (Reuters) - Cementos Portland Valderrivas SA :

* Says its board of directors and the board of directors of Fomento de Construcciones e Contratas (FCC) have approved a corporate operation in Giant, a unit of Cementos Portland Valderrivas (CPV) in the US

* The boards have approved share capital increase in Giant totaling $220 million, to be subscribed by Elementia SA de CV

* The boards have approved Elementia to give Giant a $305 million loan; capitalization of Giant’s loans of about $66 million provided by CPV and FCC

* Says Giant to use loans for repayment of debt totaling $540 million

* Following the operations Elementia to control 55 percent of Giant and CPV to keep 45 percent

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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