The privatization of Impsa, which closed this week after almost four months of negotiations, It now has another key date: Monday, March 17. For that day she was summoned The Shareholders Assembly which will formally approve the capital contribution for US $ 27 million that the American group will make Industrial Acquisions Fund (IAF)controller of Arc EnergyNew Metallurgical owner Mendoza.
The call to the Assembly, which will meet virtually, was carried out today through a communication sent by the company’s agent to the National Securities Commission.
This note clarifies that the agenda will be: “Consideration of a capital increase for the equivalent in pesos of 27 million dollars, calculated the buyer-billete exchange rate published by the Bank of the Argentine Nation, corresponding to the closure of the operations of the last business day prior to the date of the Assembly ”.
That contribution, clarifies, will be implemented “Through the issuance of new actions of the company, corresponding to the class C of ordinary writing shares, with the right to a vote per action, of nominal value one weight each.”
The subscription of the new actions will be integrated by two ways:
1. The capitalization of the irrevocable contribution on account of future capital increases, made within the framework of the Subscription Subscription Agreement dated February 11, 2025.
2. New contributions to be made in the terms of the aforementioned agreement.
The Assembly will also approve the delegation in the Board of Directors of the Society of “The Faculty for the Determination of the Scheme and Conditions for Integration of the Capital Increase in the framework of the aforementioned agreement”.
The reform of article 5 of the Social Statute will also be reform “in order to reflect the increase in proposed capital and consideration of The resignation of current class A and class B shareholders to their preferential and increase the subscription rights with respect to the new class C actions to be issued in relation to the capital increase considered at the preceding point of the agenda in order to enable the subscription and integration of said actions by Industrial Acquisions Fund in accordance with the provisions of the Subscription Subscription Agreement referred to in the previous point of the agenda ”.
Outside this call, the American group that awarded the first privatization of the Milei era The first of a series of six disbursements already completed. They were US $ 6,75 million contributed at the time of signing the contract that was made on Tuesday, February 11, as “contribution on account of the capital increase that the Assembly will resolve.” That assembly is the one that now has a date and time: Monday, March 17 at 12:00 through videoconferencing.
The remaining disbursement calendar provides the following amounts and deadlines:
-U $ S5 million within the first three months of the closing date.
-U $ S3 million within six months of the closing date.
-U $ S5 million to disburse for 2025.
-U $ 2.25 million within the first quarter of 2026.
-U $ S5 million within the first half of 2026.
This disbursement scheme “is part of the commitment assumed by the new administration to guarantee the financial sustainability of Impsa, promoting its development and growth in the sector,” the company said.
How is the distribution of ABSA actions with privatization
The capital of Impsa, a company founded in 1907, was integrated until this week with three types of shares: class A, in the hands of the family of the Founder Enrique Pescarmona with 5.3%; Class B, in the hands of creditors with 9.8% and class C actions, which belong to the National Productive Development Fund (FONDEP) in 63.7% and the remaining 21.2% to the province of Mendoza . These class C actions are those that will be sold to Arc Energy, which will stop almost 85% of the share package.
This is the first great privatization of the management of Javier Milei and, according to the national government itself, “it is aligned with the objective of zero deficit of the national government and the non -allocation of federal resources to private companies.”
The operation also achieved international impact because the buyer group has close links with the new president of the United States, Donald Trump. Arc Energy is based in the southern state of Louisiana and its president, Jason Arceneaux, along with other directors, were identified as frequent donors of Trump’s political campaigns.
The impaso of Impsa was conditioned to the negotiation of the company’s debt, which amounts to 576 million dollars, a management that was closed on Monday, February 10 and allowed to sign the purchase agreement a day later.
The main creditors include the Bank of the Province of Buenos Aires, the Mortgage Bank, the BICE Bank, Export Development Canada, the Andean Development Corporation, the Bradesco Brazilian Bank and holders of negotiable obligations.
Source: Ambito
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