Yesterday, the Securities Market Superintendency SIMV) approved the first issuance schedule of ordinary or common shares of the Dominican capital market industry, structured by the company César Iglesias by BHD León Puesto de Bolsa, which is also co-responsible for the placement of these shares together with Inversiones Popular – Puesto de Bolsa.
César Iglesias, a company with more than a hundred years of history, with nearly 3,000 employees and more than 60 mass consumption brands, is the first business organization in the country to put its shares up for sale to the public.
“This was achieved thanks to the result of a strategic renovation, planned and executed during the last five years,” said the president of the Board of Directors of César Iglesias, César Armenteros Iglesias.
Transcendence
State Secretary, Lisandro Macarrulla, indicated that “this is a transcendental step forward for our evolution as a nation that aspires to occupy a leading place within the main Latin American economies.”
He also highlighted the support President Luis Abinader has provided to the stock market, which led to the passing of Law 163-21, in August of last year, aimed at fostering the placement and marketing of public-issue securities brokerage, thus helping Dominican companies to access the capital market in exchange for offering shareholdings.
Securities Market Superintendent, Gabriel Castro, emphasized that “this first issuance of shares of our capital market is a milestone that all economic agents in the country celebrate, as it opens up new opportunities for companies to be more competitive in a globalized environment and for people to expand their investments.”
As the executive vice president of the Stock Exchange and Stock Market of the Dominican Republic (BVRD), Elianne Vílchez, explained: “the market is the big winner from the approval of this issuance program, and as a sign of this, it has worked in a unison and tirelessly to start negotiations of this type asset that positions us as one of the most dynamic markets in the region.”
Process
The company César Iglesias paired with a multidisciplinary team of specialists to carry out this program.
In addition to INVESTA Capital Partners, BHD León Puesto de Bolsa, Inversiones Popular-Puesto de Bolsa and Squire Patton Boggs Peña Prieto Gamundi, Deloitte collaborated as valuers of the shares, and Fitch Ratings and Feller Rate, as risk rating agencies of the company, among other advisors who contributed to improve the deal.
“The significant growth shown by the capital market in recent years has set the stage for financing through the issuance of shares to become an option par excellence for companies that wish to create, preserve and multiply their value in the market,” said Olga Nivar, Director of Public Offering of the SIMV.
Opportunity
This issue of shares will allow the Dominican investor to diversify his investments in a new instrument, whereby he will participate in the creation of value of one of the most iconic industrial companies in the country.
The placement of these actions will begin with the symbolic bell ringing on a date to be announced.
Source:
Listín Diario
