Compartamos Holdco to List

Publicly listed Mexican micro lender Banco Compartamos plans to have its holding company, Compartamos SAB, list on the Mexican stock exchange. The move would simplify the bank’s corporate structure, which would consist of a single publicly listed company rather than a privately held holding company with a majority stake in a publicly listed operating company. The change in structure will be achieved through an exchange offer whereby shareholders in the operating company will receive 4 shares in the holding company for every share they own. In order for the offer to take effect, the holding company must receive at least 85% of the shares in the operating company. If more than 95% of the operating company’s shares are tendered, it will delist. The offer expires December 13. The bank’s management will not change, Compartamos says, adding that the deal will not result in any cash proceeds either for the bank or the holding company.