Mexican conglomerate Alfa said on Tuesday it is planning a possible initial public offering of its Sigma and Nemak units next year, after earlier reporting a 67.4 percent drop in its third-quarter profit.The IPOs would allow Alfa to lower its debt burden, Chief Financial Officer Ramon Leal told reporters, adding that the company was also evaluating alliances or additional investment with Canadian oil company Pacific Rubiales Energy Corp.Leal said the IPOs for Sigma and Nemak could lower Alfa's debt ratio to 1.5 times earnings before interest, tax, depreciation and amortization (EBITDA) by the end of 2015.Sigma sells ham, cheese and yogurt among other refrigerated foods, while Nemak produces aluminum parts for the car industry.
Pacific Rubiales Energy Corp. (Pacific Rubiales) is a producerand seller of natural gas and heavy crude oil. Shares of PRE traded higher by 1.73% or $0.27/share to $15.91. In the past year, the shares have traded as low as $14.80 and as high as $23.86. On average, 1948650 shares of PRE.TO exchange hands on a given day and today's volume is recorded at 2471438.
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