Panama Business News

  Cemex Sells Its Stake in Panama to Grupo Estrella for $200 Million Cemex announced this Monday that it has sold its stake in Panama for $200 million. The Mexican cement giant has handed over its factory to Grupo Estrella, a Dominican industrial conglomerate. The firm explained in a statement that this transaction will serve to bring resources to priority investment areas, primarily to increase its presence in the United States. The sale of Cemex to Grupo Estrella includes the cement plant in Chilibre, just outside Panama City, as well as the rights to acquire additional reserves granted by the Panamanian government. Cemex indicates that it will retain its additives business in the Central American country. The company arrived in Panama in 1994 with the purchase of the Cemento Bayano business. The multinational has indicated that "a minor portion" of the transaction will be used to increase the firm's stake in Couch Aggregates, a US mineral aggregates company that operat...

  Visa and Duty Free Americas Expand Benefits to New Centers in Panama, Central America, and the Caribbean This agreement now covers the DFA store on the Panama-Costa Rica border in Paso Canoas, Panama's Tocumen International Airport, and Punta Cana International Airport in the Dominican Republic. Source: EYN Magazine Travelers using Visa credit, debit, or prepaid cards will be able to access these benefits when making purchases at Duty Free Americas stores. Visa and Duty Free Americas (DFA), the largest operator of duty-free shops in the Western Hemisphere, renewed the expansion of their agreement to provide special benefits to Visa cardholders. This agreement now covers the DFA store on the Panama-Costa Rica border in Paso Canoas, Panama's Tocumen International Airport, and Punta Cana International Airport in the Dominican Republic. DFA offers a wide range of products from the world's finest brands, including cosmetics, fragrances, fashion, jewelry, wines, spirits, food, ...

  Mapfre Panama closed the second quarter of 2025 with a net profit of $5.7 million. Mapfre Panama closed the second quarter of 2025 with net written premiums of $133.8 million, positioning the company as the third-largest company in the Panamanian insurance market, with a 13.42% market share as of June 2025. By segment, the auto segment leads in volume with more than 69,000 clients. Source: El Capital Financiero Business profitability was one of the highlights of the period, with an after-tax profit of $5.7 million, representing a 92% increase compared to the second quarter of 2024. This favorable performance is due to strict technical and operational management of its most profitable business lines. In terms of operating efficiency, Mapfre managed to maintain a combined non-life net ratio of 95.1%. Furthermore, return on equity (ROE) stood at 11.3%, an indicator that demonstrates the company's financial strength and ability to generate sustainable value for its shareholders. The ...

Sojitz acquires full ownership of PETROAUTOS SA in Panama Source: HYUNDAi Sojitz Corporation (“Sojitz”) has acquired full ownership of Petroautos, S.A. (“Petroautos”), an authorized Hyundai brand dealer in Panama engaged in the import and distribution of Hyundai vehicles. Panama is a key economic center and distribution hub in Central and South America, with top-tier growth potential in the region. Moving forward, Panama’s automotive market is expected to continue to expand with rising consumer demand attributable to continued population growth and economic development. Petroautos is an authorized Hyundai brand importer and operates nine retail outlets in Panama. From import and retail to after-sales, Petroautos offers comprehensive services through its company network. The company has built a strong customer network based on its advanced business proposal capabilities and high-quality after-sales services. In 2024, Hyundai boasted the third highest sales of new vehicles by bra...

  Panama hopes to secure return of CHIQUITA banana giant Panama City (AFP) – Panamanian President Jose Raul Mulino will meet with representatives of US banana giant Chiquita Brands in Brazil later this month amid a push for the company to resume operations in his country after it laid off its entire workforce due to a strike, a minister announced Monday. Chiquita workers at the plant in Bocas del Toro, which relies heavily on tourism and banana production, went on strike on April 28 to protest pension reforms. Chiquita, which employed more than 6,000 people in the town of Changuinola in the Caribbean province of Bocas del Toro, laid off the workers earlier this spring after prolonged protests that paralyzed the region. The meeting will take place during Mulino's visit to Brazil, which begins August 28, and officials hope it will lead to an agreement with Chiquita, said Commerce and Industry Minister Julio Molto. Talks with the company "are progressing positively... I hope we c...