Mexico City — The number of issuers on the Mexican Stock Exchange (BMV) continues to shrink as Grupo Aeroméxico has announced that its shareholders have approved the airline’s delisting of its shares from the local bourse, and the cancellation of its registration in the National Securities Registry.
“Aeroméxico will inform about the terms and scope of the public offering, as well as the beginning of the same,” the company said in a statement.
The Mexican airline will also ask the country’s Banking and Securities Commission (CNBV) for authorization to carry out a tender offer for the outstanding shares, which were reduced to 0.01% with the reverse split process as part of the airline’s restructuring.
On June 10, Grupo Aeroméxico had informed investors that it would propose the cancellation of the registration and listing of the shares in the stock market to its shareholders.
As part of the agreement, the airline must file a simple registration statement of potential registration of the securities with the US Securities and Exchange Commission (SEC) by December 30.
Aeromexico’s entry into Chapter 11 of the US Bankruptcy Act generated the dilution of shares held by investors, with the aim of increasing equity to implement the airline’s operating plans.
Among the list of new shareholders is Apollo Global Management, which added $1 billion in financing during the restructuring process, giving it a 22.4% equity stake in the carrier.
A group of Mexican shareholders holds a 4.1% stake.
BMV’s share offer shrinks
As the IPO drought in the country continues, the number of companies interested in delisting from the BMV has increased.
Aeroméxico’s announcement brings the number of companies that have requested to delist from the exchange in the last year to six, and which include dairy products manufacturer Grupo Lala, cement and construction companies Elementia and Fortaleza Materiales, poultry producer Industrias Bachoco and telecommunications company Maxcom.
The Mexican Stock Exchange, which is headed by José Oriol-Bosch, currently has 136 issuers listed.