Chile’s Cintac buys two companies for $24 million

Tuesday, 04 February 2020 01:17:06 (GMT+3)   |   Sao Paulo

Cintac, a subsidiary of Chilean mining and steelmaking group CAP, said it bought stakes at two companies for about $24.2 million or 667,494 Chilean “unidades de foment,” or “units of foment, which is a secondary currency rate in Chile.

Cintac said its board approved the company to buy a 60 percent stake at Promet Servicios SpA, and another 10 percent stake at Promet Montajes SpA.

Cintac said it bought the two stakes from Inversiones Fernandez Romero SpA. The Chilean company said the deal is yet subject to the approval of local regulators.

According to a Cintac document filing, Promet Servicios builds mining camping bases. Promet Servicios also owns a subsidiary in Peru called Promet Peru SAC. Promet Montajes executes civil construction works, including plants and industrial facilities.

In July 2018, Cintac had announced it acquired civil construction materials manufacturer Calaminon for $40 million. With the two Promet acquisitions in 2020, Cintac expands its footprint in Chile and Peru.

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