Category: Equity

The first securities certificate bringing together a group of stocks into one tradable unit began trading on the Buenos Aires Stock Exchange yesterday, Thursday. The Macc (Merval Acciones) combines the top eight stocks on the Merval local index into one financial instrument.

Petroquímica Argentina SA (PASA) became the first company to inaugurate the new PyME board on the Buenos Aires Stock Exchange, to help small and medium-sized companies to raise money via the stock market. PASA hoped to raise around $3 million by listing between 15% and 20% of its capital. At least six firms with turnover of between 50 and 200 million pesos have so far signed letters of intent to list on the new board.

Ecuador is planning IPOs of two state-owned telecoms companies — Andinatel and Pacifictel. Shares of the fixed-line operators will be sold to the public via the local exchanges in Quito and Guayaquil. Privatization of the companies has been tried before but failed in the face of fierce employee and union resistance.

Chilean salmon producer Invermar has raised $22 million through listing 23% of its stock on the Santiago Stock Exchange. Invermar is part of local family-controlled food group Invertec. The company will use the money raised to help with expansion. It plans to focus on the Asian market, in particular China.

Canadian mining company Aur Resources Inc has said it plans a secondary listing on the Santiago Stock Exchange in Chile. It would be the first foreign company in this sector to do so. The company already lists on the Toronto Stock Exchange. Aur Resources controls two mines in Chile – Quebrada Blanca and Andacollo. There is currently only one local mining company listed on the exchange.

Stockholm-based telecoms services provider Ericsson has won the contract to be the exclusive GSM network provider for Movistar Uruguay, the mobile phone operator belonging to Spanish group Telefónica Móviles.

Brazilian internet provider, Universo Online (UOL) has registered with the Brazilian Securities Commission to float on the São Paulo stock exchange, Bovespa. The IPO will be led by US investment bank Merrill Lynch.

Aguas Metropolitanas, the Chilean affiliate of Aguas de Barcelona plans to float 49.9% of its capital on the stock exchange. The IPO will be made through the exchange to domestic and foreign institutional investors. Aguas Metropolitanas hopes to make a secondary offering at the end of November. In Chile the issue is being managed by Banchile, Celfin Capital and Santander Investment. The arrangers of the issue outside the country are Central Hispano Investment Securities and UBS Investment Bank.

Mexican chemical manufacturer Mexichem has made a public offering of 97.7 million shares worth $122.1 million via the Mexican Stock Exchange. The funds raised will be used to invest in strategic projects, said the company.

The Quito Stock Exchange, the Securities Commission and the Business Superintendence have launched a joint initiative to provide an alternative financing system for start-ups to sell shares on the stock market. Five companies will be selected initially to raise around $20,000 each in the market.