Buenaventura Announces Sale Of Contacto Corredores De Seguros To Howden Holdco Perú S.A.C, For $33.7M In Cash, As Well As An Additional Variable Cost With An Approximate Cap Of $1.6M Subject To Closing Certain Conditions
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Compañia de Minas Buenaventura S.A.A. (Buenaventura) has announced the sale of its risk and insurance brokerage, Contacto Corredores De Seguros S.A., to Howden Holdco Perú S.A.C. for $33.7M in cash, plus an additional variable cost capped at $1.6M. The sale is part of Buenaventura's strategy to strengthen its balance sheet and increase liquidity. The proceeds will be used to accelerate deleveraging and support financing of the San Gabriel and Yumpag projects.
November 03, 2023 | 1:03 pm
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The sale of Contacto Corredores De Seguros is expected to strengthen Buenaventura's balance sheet and increase its liquidity, which could have a positive impact on its stock price.
The sale of a non-core asset for a significant amount of cash will strengthen Buenaventura's balance sheet and increase its liquidity. This is generally seen as a positive move by investors and could lead to an increase in the company's stock price.
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IMPORTANCE 80
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