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Chilean industrial mineral producer Soquimich (NYSE: SQM) sold its 14% stake in local cement company Empresas Melón on Wednesday on the Santiago stock exchange.
The operation involved the sale of 653,748,837 shares at a price of 67 pesos/share, giving a total of 43.8bn pesos (US$69mn), Soquimich said in a filing to the country's securities regulator (SVS).
While a reason for the sale was not mentioned, local press reports add that the mineral producer decided to sell the stake because it was not a strategic asset and did not fall under business plans.
France's Lafarge controls Melón, which for the first half of this year held the top market share position in regard to shipments with 37.6% (696,423t), followed by Cemento Polpaico with 33.5% (620,326t) and Cementos Bío Bío with 28.9% (534,268t).
Soquimich is one of the world's largest producers of natural fertilizers, industrial minerals and lithium.