Colinversiones, CNI Sell Stake to Kimberly Clark

Colombia’s Colinversiones and Compania Nacional de Inversiones announced they agreed to sell their 31.3% stake in Colombiana Kimberly Colpapel and their 1.6% stake in Papeles del Cauca to Kimberly-Clark Worldwide for $288.7m in cash. The 31.3% stake in Colpapel is equivalent to 595.6m shares and the 1.6% stake in Papeles del Cauca adds up to 201.9m shares. The companies say they want to use proceeds of the sale to invest in the energy sector.