FEMSA Announces Accelerated Share Repurchase Agreement
15 Marzo 2024 - 3:22PM
UK Regulatory
FEMSA Announces Accelerated Share Repurchase Agreement
MONTERREY, Mexico, March 15, 2024 (GLOBE
NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or
the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) today announced
that, consistent with its capital allocation framework and
commitment to enhance capital returns to shareholders, it has
entered into a derivative instrument known as an accelerated share
repurchase (“ASR”) agreement with a financial institution in the
United States of America, to repurchase the Company’s shares
through the acquisition of American Depositary Shares (“ADS”).
Under the terms of the ASR agreement, FEMSA has agreed to
repurchase from such financial institution an aggregate amount of
USD $400 million of its ADS1. The ASR contemplates an
initial delivery of approximately 20% of the ADS on or about March
19, 2024.
The total number of ADS ultimately repurchased
under the ASR agreement will be based on the daily volume-weighted
average price of the Company’s ADS during the term of the
agreement, subject to certain limitations. The final settlement of
the ASR agreement is expected to be completed no later than the
third quarter of 2024.
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. Across its
business units, FEMSA has more than 350,000 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.
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1 Each ADS unit represents ten FEMSA BD Units, and
the BD Units each represent one Series B Share, two Series D-B
Shares and two Series D-L Shares, without par value.
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