Geneva - Holcim, the giant Swiss cement and aggregate group, announced Friday it was selling holdings in Panama and the Caribbean to Argos for 157 million dollars, following the nationalization of its assets in Venezuela.

Argos, a large Colombian company, has been a joint venture partner of the Swiss producer for an extended period.

"As a consequence of the nationalization of Holcim Venezuela, the long-term economics of supplying Holcim produced clinker and cement to the grinding stations and terminals in Panama and the Caribbean is no longer viable," the Swiss company said in a statement.

In addition to the holdings in Panama, the company would divest from its stakes in the Dominican Republic, Haiti and other Caribbean islands.

The holdings being sold off contributed 107 million Swiss francs (98.5 million dollars) to Holcim's net sales of 25.2 billion francs in 2008, the company said.

In March, Holcim opened international arbitration proceedings against Venezuela, after the South American government failed to pay compensation for the nationalization of its branch there last year, in a wave of seizures for the state by President Hugo Chavez. (dpa)