March 28, 2019 / 9:38 PM / 3 months ago

Colombia's Grupo Argos to invest $816 mln in subsidiaries in 2019

BOGOTA, March 28 (Reuters) - Colombian holding company Grupo Argos will invest some 2.6 trillion pesos ($816 million) in its energy, construction and cement subsidiaries this year, the company said on Thursday.

Electricity generator Celsia, cement-maker Cementos Argos and infrastructure company Odinsa will be the focus of the spending, which is possible because of the increase in net profits in 2018, Grupo Argos said in a statement.

The Celsia investment will focus on wind and solar energy projects able to generate some 550 megawatts of electricity. Odinsa has contracts to expand Bogota’s El Dorado airport, build a new airport in coastal Cartagena and construct a major highway in the capital.

“In the coming years we’ll continue to be a relevant player in the infrastructure of the country and the continent,” said Grupo Argos Chief Executive Jorge Mario Velasquez.

The company is 35.4 percent owned by investment holding company GrupoSURA. Grupo Argos’ net profit rose 32 percent last year from 2017, to 1.2 trillion pesos.

$1 = 3,186.43 Colombian pesos Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Helen Murphy and Richard Chang

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