Famsa to Raise Funds from Shareholders

Mexico’s Grupo Famsa plans to ask investors to approve a capital increase of MXP1.2bn at a July 17 shareholders meeting. The controlling shareholder of the retail and banking group has indicated his intention to contribute at least MXP600m in fresh capital during the 15-day subscription period. The starting date and pricing details will be unveiled after the shareholder vote. Proceeds would be used for working capital and to reduce debt. Famsa shares closed Thursday at MXP12.90.