Burwill sells small stake

MEXICAN firm BAL Group will pay $99.12 million for a 12 per cent stake in steel trading, processing and investment company Burwill Holdings.

Under the agreement, Burwill will issue 84 million new shares at $1.18 each to BAL.

Burwill said the issue would broaden its shareholder base, strengthen its financial position and provide it access to the North American market.

The net proceeds of about $98 million will be used by Burwill to finance metal-related and other investment projects.