The conglomerate Alphaone of the largest business groups in Mexicowill propose in an extraordinary assembly of shareholders summoned for October 24 the spin-off of its petrochemical unit Alpeka plan previously announced by the company.
Alpha has seen its recent results reports partly weighed down by weak data from Alpek.
The company announced in April that it was still trying to improve its financial situation as a necessary step to continue with the expected spin-off.
“Subject to applicable approvals, Alpha expects to execute the spin-off by constituting a new entity as a spun-off company (“Controlling Alpek“), which would be quoted in the Mexican Stock Exchange“Alpha said in a statement.
If the split is completed, Alpha would transfer its entire shareholding in Alpek to Controller Alpekas well as other assets and capital, he explained. Its shareholders would receive one share of Alpek Controller for each of his actions Alphahe added.
At the end of September, the shareholders of Alpha approved to increase the share capital by 7 thousand 952 million pesosequivalent to about 400 million dollarswhich the company plans to use to reduce prepayable debt, as a key step in its transformation process, according to the company.
Alpek is a leading producer of PTA and PET worldwide, one of the largest producers of PET in America, the third largest producer of expandable polystyrene in the world and the only producer of polypropylene in Mexicoaccording to Alpha.
The signature, which in 2023 recorded revenues of 7,759 million dollars, operates 33 plants in United States, Mexico, Canada, Brazil, Argentina, Chile, Oman, Saudi Arabia and the United Kingdomand employs more than 5,500 people.
M.R.A.
