Minsur has completed the sale of its 5% stake in Rimac

Minsur S.A., the Peruvian mining company, has successfully completed the sale of its stake in Rimac Seguros y Reaseguros S.A. to Breca Banca, a company of the Breca Group. The over-the-counter transaction involved the transfer of 5% of Rimac’s shares for a total of approximately US$50 million.

Rimac Seguros y Reaseguros operates in the insurance industry in Peru, offering a range of products including vehicle and mandatory traffic accident insurance (SOAT), health, life, home, travel, workers’ compensation and other insurance options. The company also provides annuities and insurance solutions for businesses.

Incorporated in 2011, Breca Banca is a Peruvian holding company headquartered in Lima. Its main activities include the administration and management of entities across various sectors. Through its subsidiaries, Breca Banca operates in construction, finance and real estate.

Minsur operates as a mining company, exploring deposits of tin, gold, iron, copper, arsenic, antimony, lead, bismuth, indium, niobium, tantalum and welding dross. The company also produces and commercializes cement, concrete, mortars and aggregates in Chile.

Oaklins’ team in Peru advised Minsur and confirmed that the agreed price was within the estimated range outlined in the valuation report.