Emerging markets investment manager Ashmore Group and Steve Dixon, CEO and co-founder of STRACON GyM, have announced an agreement to acquire 87.59% of the stock of Peruvian mining company STRACON GyM S.A.
(Press Release) Lima, April 02, 2018.- Ashmore Group and Steve Dixon, Chief Executive Officer and co-founder of STRACON GyM, have announced the execution of a contract, subject to meeting certain conditions precedent, to acquire 87.59% of the stock of STRACON GyM S.A. (the “Company”), a leading company in the provision of construction and operations services to the mining industry in Latin America, which were owned by GyM S.A., through STRACON S.A.C.
STRACON S.A.C. is a corporation held by Steve Dixon and the Ashmore Group, a global investment fund manager which is focused on emerging markets, is listed on the London Stock Exchange and manages approximately 70 billion dollars in assets. Through this transaction, STRACON GyM is no longer part of the Graña & Montero Group, Peruvian company with 84 years of experience in the construction, engineering and infrastructure industry. The Company will continue to provide integrated services for the construction and operation of open pit and underground mines in Latin America, currently undertaking projects in Peru, Colombia, Panama and Mexico. The Company will also seek to consolidate its diversification opportunities.
In the words of Steve Dixon: “We are very happy to partner with Ashmore. The incorporation of Ashmore as a shareholder provides sound financial and corporate support
to the Company, strengthening our position in the industry and providing further confidence to our current and potential clients.”
Fernando García-Rosell, Managing Director of Ashmore Group in Peru, states: “We are very pleased to invest in Peru again and have the opportunity to work with Steve and the rest of the management team of STRACON GyM in their growth strategy. Ashmore will make available its financial strength, corporate governance practices and global presence to help STRACON to consolidate as the leading mining services company in Peru and Latin America, and eventually in other markets”.
Steve Dixon will continue in his role of General Manager, leading the management team in the continuous development and execution of the company strategy, to achieve greater growth and diversification, mainly focused on the mining industry. In that regard, Steve Dixon states that “We have very concrete objectives for our business this year. The company has a successful team of employees, who will continue serving our clients in an efficient and innovative manner, while maintaining the highest safety, environmental and social responsibility standards”.
About STRACON GyM
STRACON GyM is a leading company that provides mining services in Peru and Latin America, with more than 15 years in the market. Its services cover all the stages of a mining Project; from planning, development, construction and operation stages, to mine closure. With multiple projects successfully undertaken in the region, STRACON GyM has developed a sustainable business, based on providing efficient and innovative services, while maintaining the highest standards in safety, environmental and community relations.
About Ashmore Group
Ashmore Group plc (LON: ASHM) is a world leader in emerging markets. Ashmore is headquartered in London and was founded in 1992 and currently manages capital of approximately 70 billion dollars (as of December 31, 2017) through a wide range of investments distributed in funds, segregated accounts and structured products. Ashmore has a platform dedicated to making long-term private investments throughout the entire capital structure in companies of the Andean Region. For further information, please go to www.ashmoregroup.com