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Huachipato, the steelmaking unit of Chilean iron and steel firm CAP, plans to spin out its real estate assets to focus entirely on its core business.
Huachipato said in a filing with securities regulator SVS that it plans to create four units, one that will be the continuation of its steelmaker, and three others focused on real estate assets in its home city of Talcahuano, capital Santiago and the town of Rengo.
Shareholders will vote on the proposal on December 22
Huachipato reported US$19.3mn in losses in January-September, up from US$13.1mn in losses in the year-ago period.