IFC to Buy into Carvajal Spinoff

The IFC plans to invest in Colombia’s Carvajal Empaques, through its IPO closing this week, Carvajal says. It does not say how much the multilateral is investing, and neither party responded to a request for additional comment. The Carvajal group is spinning off the maker of containers and packaging materials in a COP212bn ($121m) transaction, by selling 40m shares at COP5,300 per share. The order period is scheduled to close Thursday, with final allocation by May 29. It plans to use the proceeds to repay debt. Corredores Asociados is managing.