Sivensa To Buy Back 15% Shares

Venezuelan steelmaker Sivensa is to buy back up to 15% of its shares in the next six months with the help of a $19 million loan from Deutsch Bank. The buyback, which will cost up to $24 million, is part of a refinancing plan for the company to regain shares held by creditor banks since 2002 when Sivensa restructured its debt. In March the company announced that it will issue around $100 million of new debt to help refinance its $113.5 million debt. The steelmaker, which manufactures steel products for the construction industry, is Venezuela’s second-largest private exporter.