Bachoco Informs About Intent to Initiate Delisting Process in Mexico
24 Mayo 2023 - 5:15PM
Business Wire
Industrias Bachoco, S.A.B. de C.V. ("Bachoco") (NYSE: IBA; BMV:
BACHOCO). A national leader in the production and marketing of
poultry products and other food products, informs that its Board of
Directors, with the abstention in the deliberation and voting, and
without the presence of, directors who are members of the Robinson
Bours Family, has resolved, considering, mainly, that, to date,
approximately 2.5% of the shares representing its outstanding
capital stock are held by the investing public, and, therefore: (i)
the costs of maintaining such shares registered in the National
Securities Registry (Registro Nacional de Valores) maintained by
the National Banking and Securities Commission (Comisión Nacional
Bancaria y de Valores), and listed on the Mexican Stock Exchange
(Bolsa Mexicana de Valores, S.A.B. de C.V.), exceed its benefits,
and (ii) Bachoco is not in compliance with the requirements to
maintain the listing of shares representing its capital stock on
the Mexican Stock Exchange, pursuant to rule 4.033.01 and others
applicable, of the Internal Regulations of said stock exchange, and
it does it have a program aimed at correcting the lack of
compliance, in accordance with the aforementioned Regulations,
which, in turn, in accordance with the Mexican Securities Market
Law, may cause the suspension of the listing of the shares
representing the capital stock of Bachoco and/or the cancellation
of its registration before the Mexican National Securities
Registry; that Bachoco initiates, in the near future, the processes
to promote the cancellation of the registration of the shares
representing its capital stock in the National Securities Registry
and its delisting from the Mexican Stock Exchange, including
without limitation, convening an Extraordinary Shareholders Meeting
to propose the aforementioned actions, and initiating the processes
before the National Banking and Securities Commission, so that the
issuer itself. or a third party, may carry out a tender offer
acquisition in Mexico, of the shares representing its capital stock
that, as of the start date of said offer, are held by public
investors, in terms of article 108 of the Mexican Securities Market
Law, at a price determined in accordance with said article.
COMPANY DESCRIPTION.
Industrias Bachoco is a leader in the poultry industry in Mexico
and one of the largest poultry companies in the world. The Company
was founded in 1952, and began trading on the Mexican Stock
Exchange and the New York Exchange in 1997. Corporate offices are
located in Celaya, Mexico. Bachoco is vertically integrated; its
main business lines are: chicken, eggs, balanced feed, pork, among
other products. It has more than 1,000 facilities organized into 9
production complexes and more than 100 distribution centers in
Mexico and a production complex in the United States. It currently
generates more than 34,000 direct jobs. Bachoco has the following
ratings: "AAA (MEX)", the highest rating assigned by Fitch México,
S.A. de C.V.; and "HR AAA", which means that the Issuer or the
Issue is of the highest credit quality and was granted by HR
Ratings de México, S.A. de C.V.
DISCLAIMER
The document contains information that could be deemed
forward-looking statements regarding expected future events and
results of the Company. The statements reflect management's current
beliefs based on currently available information and are not
guarantees of future performance and are based on our estimates and
assumptions that are subject to risks and uncertainties, including
those described in the Annual Information form, which could cause
actual results to differ materially from the forward-looking
statements contained herein. These risks and uncertainties include
risks associated with ownership in the poultry industry,
competition for investments in the poultry industry, shareholder
liability, government regulation, and environmental matters.
Accordingly, there can be no assurance that actual results will be
consistent with these forward-looking statements. Except as
required by applicable law, Industrias Bachoco, S.A.B. de C.V.
undertakes no obligation to publicly update or revise any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230524005886/en/
IR contact information: maria.jaquez@bachoco.net
andrea.guerrero@bachoco.net T. +52 (461) 618 3555
Industrias Bachoco SAB d... (NYSE:IBA)
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Industrias Bachoco SAB d... (NYSE:IBA)
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