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Stock Market & Financial Investment News

News Breaks
April 19, 2013
13:59 EDTHXMHomex to sell stake in prison to Inbursa, Ideal for Ps. 4B
Homex announced it has entered into an agreement with Inbursa and Ideal for the sale of Homex’s interest in the Federal Penitentiaries located at Morelos and Chiapas. In accordance with this agreement the company expects to receive proceeds equivalent to approximately Ps.4B, from which approximately Ps.2B is expected to be used for working capital purposes at the Homex Mexico division, and approximately Ps.2B is expected to be used to repay debt. Homex expects to continue as the construction company for the Federal Penitentiary at Morelos and will continue to participate in the operating company of both Penitentiaries, thus maintaining the opportunity for future profit potential, it said. Homex shares trading in New York are up about 23% to $7.17 following the report of the deal to the Mexican Stock Exchange earlier in the session.
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