Economy
Swiss cement and concrete maker Holcim announced on Friday that it will sell its interests in Panama and in several Caribbean countries to the Colombian company and joint venture partner Argos, for USD 157 million, following the nationalization of its operations in Venezuela last year.

"As a consequence of the nationalization of Holcim Venezuela, the long-term economics of supplying Holcim-produced clinker and cement to the grinding stations and terminals in Panama and the Caribbean is no longer viable," Holcim said in a statement, as reported by DPA.

In addition to its holdings in Panama, the Swiss company will sell its assets in the Dominican Republic, Haiti and other Caribbean islands.

Holcim, the second largest cement producer in the world, filed an arbitration proceeding in March against Venezuela to seek full compensation for the expropriation of its unit.