|Over a week ago|
Femsa holders approve Ps. 10.35B per unit dividend » 16:4703/2003/20/20
Femsa held its Annual…
Femsa held its Annual Ordinary General Shareholders Meeting today, during which the shareholders approved the company's annual report for 2019 prepared by the Chief Executive Officer, the company's consolidated financial statements for the year ended December 31, 2019 and the election of members of the Board of Directors and its committees for 2020. In addition, the shareholders approved the payment of a cash dividend in the amount of Ps. 10,360 million, consisting of Ps. 0.6458 per each Series "D" share and Ps. 0.5167 per each Series "B" share, which amounts to Ps. 3.1000 per "BD" Unit or Ps. 31.000 per ADS (NYSE: FMX), and Ps. 2.5833 per "B" Unit. The dividend payment will be split in a number of installments and dates during 2020, which will be determined by the Board of Directors. In addition, the shareholders established the amount of Ps. 17,000 million as the maximum amount that could potentially be used for the company's share repurchase program during 2020.
|Over a month ago|
Femsa CEO says Q4 was 'eventful' » 09:0402/2702/27/20
Eduardo Padilla, FEMSA's CEO, commented: "The fourth quarter was an eventful one. OXXO continued to grow at a steady pace in Mexico, and the international operations again performed well. The Health division had a complex quarter driven by disruptions in Chile, but we saw solid progress in every other market, while the Fuel division again delivered profitability gains in a challenging environment. For its part, Coca-Cola FEMSA continued to see good volume trends in Brazil and Central America, and healthy pricing across most of its markets, including Mexico. As we look at 2020, we see a consumer in Mexico that remains resilient, particularly in the northern part of the country. We are optimistic about Brazil, where we are seeing good performance in our existing operations and have high expectations for our new ventures. And on the strategic front, we are pleased with the opportunities we are being able to invest in, focused always on our operational capabilities and exercising discipline with a view to create long-term value for all our stakeholders."
Femsa upgraded to Buy from Neutral at Citi » 09:4001/0701/07/20
Citi analyst Fomento…
Citi analyst Fomento Economico upgraded Femsa to Buy from Neutral with a $112 price target.
|Over a quarter ago|
FEMSA says Grupo Socofar notifies FEMSA Comercio of right exercise » 09:2112/2312/23/19
Fomento Economico Mexicano announced that its minority partner in Grupo Socofar has notified to FEMSA Comercio the exercise of its put right to sell its remaining 40% interest in Socofar. Upon closing of this transaction, FEMSA, through its subsidiaries, will become the sole shareholder of Socofar. Per the terms of the put option, the valuation for Socofar was determined through a fair market procedure carried out by independent investment bankers, and the final price to be paid for the 40% interest is subject to local currency exchange adjustments to be made at closing. Closing of the transaction is expected during the month of January 2020.
Femsa downgraded to Sector Perform from Outperform at Scotiabank » 09:5809/2609/26/19
Scotiabank analyst Rodrigo Echagaray downgraded Femsa to Sector Perform from Outperform.
FEMSA announces $750M investment for minority stake in Jetro Restaurant Depot » 09:3009/2609/26/19
Fomento Economico Mexicano announced that it has signed a non-binding Memorandum of Understanding to acquire a minority stake in privately-held Jetro Restaurant Depot. The MOU also contemplates that FEMSA and JRD will enter into a Joint Venture to take JRD's business model to Mexico and other Latin American markets. The amount of FEMSA's investment as per the MOU is $750M.