Printer Friendly

GRUPO TRIBASA PUBLISHES NOTICE OF SHAREHOLDERS' MEETING

 NEW YORK, Jan. 9 /PRNewswire/ -- Grupo Tribasa, S.A. de C.V. (NYSE: GTR), announced today that it has published a notice of a shareholders' meeting to be held on Monday, Jan. 24, to consider, among other things, approval of an increase of up to 9.9% in the authorized common stock of the company.
 The company is considering a possible offering of new shares of common stock and ADRs to be launched after the shareholders' meeting, subject to receipt of required shareholder and other approvals as well as market conditions.
 If the company decides to make an offering, the new shares would first be offered to existing holders of common stock and ADRs pursuant to preemptive rights under Mexican law. The company's board of directors would be authorized by the shareholders at the meeting to determine whether and when to proceed with the offering to existing holders and to establish the subscription period (which, subject to shareholder approval, would be 15 days), the offering price and the record date. The right to purchase the new shares would not be separately transferable from the outstanding common stock and ADRs. Any shares that are not purchased by existing holders could be offered by the company to investors in Mexico and international markets.
 The company also announced that Mr. and Mrs. Penaloza, president and executive vice president of the company, and members of their family, who currently own approximately 65% of the common stock, and certain other executive officers of the company are considering a concurrent sale of shares owned by them in an aggregate amount not to exceed the size of the increase in the company's common stock referred to above. Mr. and Mrs. Penaloza and members of their family would continue to own at least a majority of the common stock after any such offerings.
 Grupo Tribasa, S.A. de C.V. is a major Mexican construction company engaged in the construction of highways and other large-scale infrastructure projects.
 Any offering of shares in the United States may be made only by means of a prospectus.
 -0- 1/9/94
 /CONTACT: William J. Jenks or Peter Firestein of Broadgate Consultants, Inc., 212-229-2222/
 (GTR)


CO: Grupo Tribasa, S.A. de C.V. ST: IN: CST SU:

CK -- NY014 -- 0367 01/09/94 23:28 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 9, 1994
Words:384
Previous Article:EPE'S PROPOSED PLAN OF REORGANIZATION WINS OVERWHELMING APPROVAL FROM ALL CREDITOR CLASSES
Next Article:CHICAGO MILWAUKEE CORP. REPORTS 1993 THIRD QUARTER OPERATING RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters