FEMSA completes Accelerated Share Repurchase Agreement, and announces new Agreement
10 June 2024 - 11:40PM
UK Regulatory
FEMSA completes Accelerated Share Repurchase Agreement, and
announces new Agreement
MONTERREY, Mexico, June 10, 2024 (GLOBE
NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or
the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announces today
that it has entered into a new derivative instrument in the form of
an accelerated share repurchase transaction (“ASR”) to repurchase
the Company’s American Depositary Shares (“ADSs”)1.
Under the terms of this new ASR, FEMSA has agreed to repurchase up
to USD $600 million of its ADSs. The total number of ADSs
ultimately repurchased under this ASR will be based on the daily
volume-weighted average price of the Company’s ADSs during the term
of the ASR and subject to certain limitations. The final settlement
of the ASR is expected to be completed, at the latest, in the
fourth quarter of 2024.
Additionally, the Company announces the
completion of the ASR announced in March 2024, which final delivery
of the shares repurchased thereunder was on May 28, 2024. The
Company repurchased a total of approximately 3.2 million ADSs at an
average price of USD $123.27 per ADS, for a total amount of USD
$400 million.
About FEMSA
FEMSA is a company that creates economic and social value through
companies and institutions and strives to be the best employer and
neighbor to the communities in which it operates. It participates
in the retail industry through a Proximity Americas Division
operating OXXO, a small-format store chain, and other related
retail formats, and Proximity Europe which includes Valora, our
European retail unit which operates convenience and foodvenience
formats. In the retail industry it also participates though a
Health Division, which includes drugstores and related activities
and Digital@FEMSA, which includes Spin by OXXO and Spin Premia,
among other digital financial services initiatives. In the beverage
industry, it participates through Coca-Cola FEMSA, the largest
franchise bottler of Coca-Cola products in the world by volume.
Across its business units, FEMSA has more than 392,000 employees in
18 countries. FEMSA is a member of the Dow Jones Sustainability
MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican
Stock Exchange Sustainability Index: S&P/BMV Total México ESG,
among other indexes that evaluate its sustainability
performance.
1 ADS underlying units consist of ten
FEMSA BD Units, each representing one Series B Share, two Series
D-B Shares and two Series D-L Shares, without par value.
Fomento Economico Mexica... (LSE:0TD7)
Historical Stock Chart
From Nov 2024 to Dec 2024
Fomento Economico Mexica... (LSE:0TD7)
Historical Stock Chart
From Dec 2023 to Dec 2024
