(Adds expansion plans in third paragraph.)
Jan. 6 (Bloomberg) -- Cementos Pacasmayo SAA, Peru’s third- largest cement producer, said it plans to sell as much as $250 million in American depositary receipts, the Andean country’s first listing abroad since 2007.
JPMorgan Chase & Co. will be the sole book runner and Banco Santander SA will be the joint lead manager for the sale, the Lima-based cement producer said today in a filing to the Securities and Exchange Commission.
Pacasmayo, controlled by Peru’s Hochschild Group, said it plans to use proceeds from the sale to expand its La Rioja cement plant, build a second plant in the northern coastal city of Piura and develop its $700 million phosphate and brine project. The company raised $46 million last week from the sale of a 30 percent stake in its phosphate unit to Mitsubishi Corp.
Pacasmayo will become the fifth Peruvian company to trade in New York, joining miners Southern Copper Corp. and Cia. de Minas Buenaventura SAA and financial holdings Credicorp Ltd. and Intergroup Financial Services Corp. Telefonica del Peru SAA took its ADRs off the market in 2004.
Pacasmayo’s cement sales rose 16 percent to 1.8 million metric tons in 2010, equivalent to a 21 percent share of Peru’s cement market, according to the company’s website. Chief Financial Officer Manuel Ferreyros didn’t immediately return a telephone call seeking comment.
--Editors: Brendan Walsh, Glenn J. Kalinoski
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