Bachoco Informs About Intent to Initiate Delisting Process in Mexico
CELAYA, Guanajuato., Mexico--(BUSINESS WIRE)--Industrias Bachoco, S.A.B. de C.V. ("Bachoco") (NYSE: IBA; BMV: BACHOCO). A national leader in the production and marketing of poultry products and other food products, informs that its Board of Directors, with the abstention in the deliberation and voting, and without the presence of, directors who are members of the Robinson Bours Family, has resolved, considering, mainly, that, to date, approximately 2.5% of the shares representing its outstanding capital stock are held by the investing public, and, therefore: (i) the costs of maintaining such shares registered in the National Securities Registry (Registro Nacional de Valores) maintained by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.), exceed its benefits, and (ii) Bachoco is not in compliance with the requirements to maintain the listing of shares representing its capital stock on the Mexican Stock Exchange, pursuant to rule 4.033.01 and others applicable, of the Internal Regulations of said stock exchange, and it does it have a program aimed at correcting the lack of compliance, in accordance with the aforementioned Regulations, which, in turn, in accordance with the Mexican Securities Market Law, may cause the suspension of the listing of the shares representing the capital stock of Bachoco and/or the cancellation of its registration before the Mexican National Securities Registry; that Bachoco initiates, in the near future, the processes to promote the cancellation of the registration of the shares representing its capital stock in the National Securities Registry and its delisting from the Mexican Stock Exchange, including without limitation, convening an Extraordinary Shareholders Meeting to propose the aforementioned actions, and initiating the processes before the National Banking and Securities Commission, so that the issuer itself. or a third party, may carry out a tender offer acquisition in Mexico, of the shares representing its capital stock that, as of the start date of said offer, are held by public investors, in terms of article 108 of the Mexican Securities Market Law, at a price determined in accordance with said article. COMPANY DESCRIPTION. Industrias Bachoco is a leader in the poultry industry in Mexico and one of the largest poultry companies in the world. The Company was founded in 1952, and began trading on the Mexican Stock Exchange and the New York Exchange in 1997. Corporate offices are located in Celaya, Mexico. Bachoco is vertically integrated; its main business lines are: chicken, eggs, balanced feed, pork, among other products. It has more than 1,000 facilities organized into 9 production complexes and more than 100 distribution centers in Mexico and a production complex in the United States. It currently generates more than 34,000 direct jobs. Bachoco has the following ratings: "AAA (MEX)", the highest rating assigned by Fitch México, S.A. de C.V.; and "HR AAA", which means that the Issuer or the Issue is of the highest credit quality and was granted by HR Ratings de México, S.A. de C.V. DISCLAIMER The document contains information that could be deemed forward-looking statements regarding expected future events and results of the Company. The statements reflect management's current beliefs based on currently available information and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Annual Information form, which could cause actual results to differ materially from the forward-looking statements contained herein. These risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments in the poultry industry, shareholder liability, government regulation, and environmental matters. Accordingly, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V. undertakes no obligation to publicly update or revise any forward-looking statements.
May 24, 2023 | www.businesswire.com
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