In Guatemala, Banco de Inversión S.A. acquired 60% of the asset portfolio of Financiera de Occidente S.A., which was suspended in December 2019.
On December 13, 2019, the Monetary Board reported that because management practices were detected that put its solvency and soundness at risk, it decided to suspend the operations of Financiera Occidente S.A., an entity that at that time represented 0.35% of the total assets of the local banking system.
Actis and Mesoamerica have agreed to sell SunEdison 100% of its interest in Globeleq Mesoamerica Energy, which operates in the area of renewable energy plants.
From a statement issued by Globeleq Mesoamerica Energy:
Actis and Mesoamerica, investment and consultancy firms based in Costa Rica and Colombia have agreed to sell 100% of their combined interest in Globeleq Mesoamerica Energy (GME), a leader in the business of wind energy and solar energy in Central America, to SundEdison. SunEdison is the largest developer of renewable energy in the world.
The business group chaired by the Panamanian Stanley Motta may be interested in acquiring units of Citi's consumer banking operations in Panama and Costa Rica.
It is not yet been revealed which of Citibank' consumer banking companies in Panama and Costa Rica they may be interested in acquiring. However, potential stakeholders include the General Bank of Panama and Grupo ASSA, which in addition to being insurers, also runs La Hipotecaria.
The Superintendency of Banks in Guatemala has authorized Rural Bank of Guatemala to acquire the shares of the bank founded with Nicaraguan capital, ProCredit.
After Banrural submits the information and documents requested by law, the Superintendency of Banks in Guatemala (SIB) will authorize the purchase of shares of Banco ProCredit.
The Mexican group has announced an agreement to acquire all the assets of Eskimo and its subsidiaries in Nicaragua and the rest of Central America, without disclosing the amount of the transaction.
Eskimo SA is a food company in Nicaragua which has been operating for more than 72 years. Its main products include ice cream, milk and yoghurt. In Nicaragua, Eskimo is a leader in the dairy industry and its brand is synonymous with ice cream.
The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.
The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks. Bloomberg reports cited by Elfinancierocr.com note that in the case of Banco Davivienda, it's interest is soley in the consumer banking units in Peru and Guatemala.
Amendments to securities regulations are being prepared in order to allow local stock brokers to buying shares of listed companies in developed markets.
This change in regulations and operational infrastructure will give access to the purchase of shares of international companies listed on stock markets such as New York.
The convulsions in Venezuela should not be seen as merely a political issue, but also from the point of view of the economic insecurity it creates in the region.
The effects of the crisis in Venezuela are not only reflected in the economy but spread quickly to the rest of the continent, particularly in countries with the most trade and economic ties.
The contract that has been signed grants Miffin Associates, a partner of Millicom in Guatemala, the unconditional option to purchase its stake in the company.
The telecommunications company Millicom, announces the signature of an agreement to negotiate 45% of the shares of its partner in Tigo Guatemala, Miffin Associates, with a minimum term of 2 years.
International Hospital Corporation Holding has sold its stake in Mexican hospitals in order to explore investment opportunities in Central America.
Gary B. Wood, CEO and Chairman of the Board of International Hospital Corporation Holding said the decision was taken because they prefer to redirect resources to operations in Central America and Brazil, as well as any opportunities that may present themselves in the future.
A correction to the Act 47 of 2013 enables corporations to continue to issue bearer shares.
By Alvaro Aguilar, partner at Lombardi Aguilar Group
The Government of Panama has issued a correction of Act 47 of 2013 so that corporations can continue to issue bearer shares. The law adopts a correction to the custody arrangement of bearer shares and the Government has enacted a law that seeks to preserve the image of Panama as a collaborating country in the fight against the abuse of its financial services, and which brings the nation up to date with trends in international law.
After the transfer of the controlling interest to the State, the company will review existing contracts with rail customers.
Prensalibre.com reports: "The lease to Compañía Bananera Guatemalteca, the pipeline easement for fuel transport with Texaco, the route for LPG transport with Zeta Gas, signed in 2002, and the easement for electric power transfer with Generadora Eléctrica del Norte and a similar one with Generadora del Sur, signed in 2001, are the contracts that the state will recover when it gains the rights for the railroad. "
With the payment to be made next month, the 82% stake held by Ferrovías will become property of the Guatemalan state.
This will see the fulfilment of the judgement by the International Centre for Settlement of Investment Disputes (ICSID), which ruled in favor of the company subsidized by Railroad Development Corporation (RDC) in 2012. The Finance chief, Pavel Centeno, said "we have identified the funds and the space in the budget where the money will come from".
For a total of $305 million, the company from Colombia has acquired more than half of the assets of the French multinational Lafarge in Honduras.
"We have acquired facilities which have extraordinary efficiency and quality in the target region, but also under economic conditions which are attractive and have high growth potential," said Jorge Mario Velasquez, president of Argos.
The Commission to Promote Competition in Costa Rica has approved the purchase of 100% of the shares of the company Incesa by OC International Hondings.
Elfinancierocr.com publishes "The request made by OC International was presented on May 7 and once the required documentation had been submitted they proceeded to analyze the appropriateness of the transaction in the light of the provisions of the Competition Act."