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A couple of weeks after the auction of Falabella shares by Bethia, the Chilean stock market continues to resume activity.
At 12:00 noon on Tuesday, the auction of part of Mallplaza’s capital increase began on the stock exchange. The transaction will be for up to 136,339,452 shares and will run until noon on Thursday, June 27.
Considering the closing price of the last stock market session ($1,385 per share, after falling 2.18% during the day), the operation could raise up to $188.83 billion or just over US$200 million.
The new shares issued and auctioned on the market correspond to the preferential option renounced by Falabella, which controls the company through Desarrollos Inmobiliarios SpA.
The funds obtained from the capital increase will be used to finance part of Mallplaza’s acquisition of the retailer’s assets in Peru.
Visits to Europe and the US
One of the objectives of the operation is to increase the base of foreign institutional shareholders of Mallplaza.
This is why, in the weeks prior to the start of the auction, the main executives of Mallplaza visited – accompanied by the investment banks involved in the operation – different offices of large investment funds and family offices, both foreigners and Chileans domiciled abroad. of the country, said those familiar with the operation.
Among the destinations were the United States and Europe. In fact, one of the most recent visits would have been led by the company’s general manager, Fernando de Peña, in London.
Although they were close to the process, they maintained that there was a high interest from foreign institutions to participate in the new issue of Mallplaza shares, they put a cold shoulder and pointed out that the results will be seen on Friday, when the shares are awarded to the winners of the auction.
As reported by the company to the Santiago Stock Exchange, orders from foreign investors must be instructed by them to the intermediaries JP Morgan Securities LLC, Citigroup Global Markets, BofA Securities, Itau BBA Securities, BTG Pactual US Capital LLC and LarrainVial.
Meeting with local investors
Despite the start of the stock market auction, the Mallplaza roadshow did not end, since a local version was held this Tuesday.
As DF was able to confirm, senior executives and directors of the company met with local investors at a reserved lunch at the Ritz-Carlton hotel, an event that included a presentation about the shopping center operator, its numbers and projects.
In addition, one-on-one meetings with large institutional investors, such as the AFPs, were included.
The company explained to the stock exchange that orders from those institutional investors who want to participate in the auction “will be received exclusively” by the brokerages in Chile of JPMorgan, Banchile, Itaú, BTG Pactual and LarrainVial.
While for retail category investors “it will be the responsibility of each stockbroker to enter the orders of this segment into the book of the Santiago Stock Exchange.”
