A regional development institute in the Colombian district of Boyacá, known as Ideboy, plans to sell an undisclosed stake at Colombian steelmaker Acerias Paz del Rio, according to a media report by Valora Analitik.
Acerias Paz del Rio is owned by Brazilian holding company, Votorantim, and is one of Colombia’s key steelmakers, along with Acerias de Colombia (Acesco). Votorantim owns 82.22 percent of Acerias Paz del Rio. Ideboy owns another 13.27 percent stake, according to information disclosed by Acerias Paz del Rio on its website.
Despite owning 13.27 percent of Acerias Paz del Rio, Ideboy’s shares do not allow it to vote on company decisions. Ideboy would put its shares, the amount of which not disclosed, up for sale for up to 12 months, which could later be extended for another six-month period.