Mexichem to price stock offering at Ps14.70/share

03 August 2009 22:19  [Source: ICIS news]

MEXICO CITY (ICIS news)--Mexican petrochemical producer Mexichem fixed a price for a stock offering that will issue 153.6m shares at Mexican Pesos (Ps) 14.70/share, according to a filing made on Monday.

The fixed price was announced in a report to the BMV, Mexico’s stock exchange, following a stockholders meeting held earlier in the day.

The company told investors it would hold such an offering earlier in July. Also last month, the firm released its second-quarter results showing a 57% rise from last year in net profit to Ps1.18bn ($89.3m) as a result of cheaper raw materials and lower energy prices.

($1 = Ps13.21)

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By: James Young

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