Elementia and Fortaleza seek to delist

Elementia Materiales and Fortaleza Materiales, companies in the construction sector that just last September carried out the spin-off of their businesses, are analyzing delisting from the Mexican Stock Exchange (BMV), joining other issuers that since 2019 have requested their withdrawal from the stock market.

Through a statement, both companies revealed that they plan to propose to their shareholders to cancel the listing of their shares on the BMV and, if such decision is endorsed, they will proceed to launch a Public Offering of Acquisition (OPA) for the securities that are in their hands. of the investing public.

Both companies clarified that the delisting and the OPA are subject to obtaining various corporate, regulatory and third-party authorizations in general, as appropriate and that will need to be managed, including that of the General Assembly of Shareholders, which will be held on November 18.

Just six years

Elementia, which was divided into two separate companies (Elementia Materiales and Fortaleza Materiales), began trading on the BMV on July 10, 2015 when it listed its shares through its Initial Public Offering (IPO) at 17 pesos each. Currently their titles are traded at 15.50 pesos, reflecting a handicap for the initial shareholders who still hold a stake of 8.82 percent.

For its part, the papers of Fortaleza Materiales that began trading on September 21 are exchanged at 15 pesos from the 16 with which they began trading on the Stock Market, reflecting a 6.25% decline.

The companies are part of a partnership between the businessmen Carlos Slim and Antonio del Valle, through their conglomerate Grupo Kaluz.

Elementia Materiales offers solutions for the construction industry and is the main fiber cement producer in Latin America. It has a platform of more than 4,000 products in Mexico and the United States.

Fortaleza Materiales is a cement company that has grown through the Cementos Fortaleza brand and the strategic acquisitions of the Giant, Keystone and Dragon cement companies.

The request to remove both firms from the BMV joins others such as Banco Santander México, whose Spanish parent launched a takeover bid to buy 8.3% of its capital stock that is in the hands of the investing public in Mexico.

Grupo Lala, a dairy food producer, is now out of business after carrying out a takeover bid, leaving only 1.7% of its shares on the market.

On October 15, Infraestructura Energética Nova (IEnova) ceased trading on the BMV, after it was absorbed by its US parent Sempra Energy, which kept 99.9% of its share capital and now maintains the list of its shares in the BMV since May 28.

There are other requests for delisting, some of which have already been dusted, such as Hilasal, the textile sector company, which since May 2019 announced its plans.

There is also the paper producer Bio Pappel; the General Insurance Insurer; as well as Ingeal, former owner of the Mac’Ma cookie brand and Farmacias Benavides.

Grupo Pochteca, a raw materials trader, said it planned to carry out a takeover bid, but has not said more since June 29.

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