With the acquisition of 50% of the stock brokerage firm Improsa Valores, Grupo Prival has ventured into the Costa Rican stock market.
The agreement signed by the parties aims to increase Improsa Valores' participation in the Costa Rican securities trading business.
From a press release issued by Improsa Valores Puesto de Bolsa:
Improsa Grupo Financiero, SA and Grupo Prival Costa Rica, SA (Prival) a Subsidiary of Grupo Prival SA (Panama), signed a purchase and sale agreement whereby Prival acquired 50% of the shares of Improsa Valores Puesto de Bolsa, SA.
With amounts from $5 to over $50,000, people bought 1412 shares in Banco Azul which will begin operations in 2014.
This amount makes up the $60 million needed for the start of operations by the entity which was formed last September with a capital of $20 million. Of the 1,412 shareholders 97% are natural persons and 3% are companies.
"... When we announced the creation of Banco Azul El Salvador, on September 23rd, I said that one of our market differentiators, would be to convert ourselves into an attractive investment instrument for Salvadorans through the possibility of becoming shareholders," said Carlos Araujo, president of the institution.
The aerospace company Ad Astra needs $10 million which intends to raise outside of Costa Rica, in order to achieve the goals it has set for 2014.
For testing the prototype plasma engine developed by the company and meeting the technological milestones set for 2014, the aerospace company needs to raise about $10 million.
These funds, which they aim to obtain by means of additional income, selling shares in Costa Rica and possibly with the participation of foreign investors, will be used for performance testing and materials needed for equipment, the company president, Franklin Chang told Elfinancierocr.com.
Seguros Assa has sold the remaining 21% of shares held by the Profuturo Fund the largest banking institution in Panama.
Banco General "... announced that it has acquired 630 shares belonging to the Seguros ASSA Insurance Company in the pension and severance fund Profuturo ..." reported Anpanama.com.
With this move the bank will be the owner of 100% of the company Profuturo.
A ruling states that the already concentrated Honduran cement market will not be altered by the sale of shares to the Colombian company Argos.
From a press release by the Commission for the Defense and Promotion of Competition (CDPC):
The Commission for the Defense and Promotion of Competition (CDPC) as part of its advocacy of free competition within the framework of its powers and in relation to economic concentrations, was notified about a project of economic concentration in the Cement Industry, involving the economic agents Cementos Argos, S. A de C.V. (buyer) and Lafarge Cementos S.A. Unipersonal (seller).
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.
Panamanian Congress has welcomed the partial veto of a bill which would allow the privatization of 49% of the shares of the Cold Chain.
"... The project was approved on its first debate just 24 hours after President Martinelli sent the Assembly a note objecting to Article 4 of the bill, which stated that if the case arose where the State needed to capitalize the company Mercados Nacionales de la Cadena de Frío, SA., it could dispose of 49% of its share capital", reported Prensa.com.
There had been speculation that Global Bank would be sold but shareholders indicate that profits are excellent and instead of selling they are looking to buy other assets.
This was confirmed by the senior vice president of finance of the organization, Jorge Enrique Vallarino. "Shareholders have asked us to pursue acquisition opportunities in Panama, I would say you could see Global Bank acquiring a smaller competitor, instead of selling its shares," he said.
The Honduran government plans to find a partner to invest in the company through the purchase of 51% of the shares held by the state.
"We're backing the idea of the formation of a joint venture with a private investor where they will have a 51% stake, the government 22.5% of the shares, and employees who wish to will have 22.5% and 4% will be reserved for provident institutions," said Rigoberto Romero, president of the intervention commission.
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.
Without disclosing the terms of the agreement, the international company has announced that by the end of 2013 it will buy Union Pak de Costa Rica S.A. and Seisa Brokerage.
Both companies have long-term relationships with UPS as Authorized Service Contractors. Costa Rica Pak Union serves medical device manufacturers and high technology, while Seisa Brokerage is dedicated to same day customs brokerage and deliveries for the Free Trade Zone.
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."