Sempra Energy
488 8th Ave,
PO Box 129400
Phone: (619) 696-2000p:619 696-2000 SAN DIEGO, CA  92101-7123  United States Ticker: SRESRE

IEnova will propose to shareholders to launch takeover bid to exit the BMV

Infraestructura Energética Nova (IEnova) will propose to its shareholders, on June 28, to launch a Takeover Bid (OPA) for the shares it still has floating in the market, to carry out the delisting of its shares from the Mexican Stock Exchange (BMV).

The meeting will present "the proposal to request the cancellation of the registration of the shares representing the share capital of the Company in the National Securities Registry in charge of the National Banking and Securities Commission; and the consequent cancellation of its listing on the Mexican Stock Exchange," the announcement reads.

Currently, the investing public holds about 3.6% of the issuer's securities, which are about 1,452.3 million shares floating in the market. Each paper trades at 80.64 pesos.

"In order to delist from the BMV, IEnova would have to make a takeover bid for the remaining shares it holds in the market and which will be subject to the approval of the shareholders' meeting. It will not be much more attractive than the takeover bid made by Sempra (to have control of IEnova), given the market conditions and the low securitivity it has," explained Brian Rodríguez, analyst at Monex Casa de Bolsa.

IEnova's departure from the BMV comes after its parent company, U.S.-based Sempra Energy (SRE), took control, increasing its stake to 96.4% from 70.2% it owned before the takeover bid it launched last April.

While SRE, which invests, develops and operates energy infrastructure in North America, listed its shares in the BMV.

In fact, it announced that it will pay on July 15 a quarterly dividend of $1.10 for each common share of the company.

He said the board of directors agreed to deliver a dividend of $1.6875 for each mandatory conversion preferred share of 6.75% Series B of the company.

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Friday, July 30, 2021