Famsa Holders OK Capital Raise

Shareholders in Mexico’s Grupo Famsa approved a capital increase of MXP1.2bn at a Friday meeting. In a filing, Famsa says it will issue 109.1m new class A common shares at MXP11 each. The controlling shareholder has agreed to buy half of the new shares, while the other half will first be offered to the other existing shareholders, the company said. Famsa said earlier this month that proceeds of the capital increase will be used for working capital and to reduce debt. The A shares closed at MXP15.36 Friday.