Agrokasa after its sale: delists shares from the BVL

The firm controlled by the Hame Group announced its intentions to make a public purchase offer to the other share holders.

After just over two months after announcing its sale to the Guatemalan Grupo Hame, Agrokasa Holdings informed the Lima Stock Exchange (BVL) of its decision to delist “all common shares representing the capital stock” of Drokasa Agricultural Society (Agrokasa).

In the important fact presented to the BVL with this information, the intentions of the holding to make a public purchase offer to the holders of shares. Agrokasa Holding, acquired by the Hame group, He owns 87.49% of the shares of the exporter Agrokasa.

After learning of the sale of the former Peruvian capital firm, Jorge Ramírez, manager of Netafim Peru and former CEO of Camposol (2016-2021), said that “Agriculturally speaking, their crops are very good, well maintained and with excellent yields, among the best in the country.”

However, the firm's results in 2022 were not positive: its sales added US$130 million, with a contraction of 12% compared to 2021. This drop was due to lower shipments of avocado, and a drop in the prices of this fruit, blueberries, grapes and asparagus. In consecuense, The firm closed the year with losses of US$8 million. In 2021, profits were US$35.3 million, while in 2020 losses reached US$13 million.

Foreign investors withdraw from the BVL

Given the political and economic instability of the country, which generates distrust among investors, the BVL has gone back several years. One of the indicators that reflect this situation is that the stock market has suffered a large number of company delistings: in the last five years, 15 companies withdrew their shares and the traded amount of said papers (variable income) fell noticeably.

One of the most recent delistings was that of the Casa Andina hotel chain. The Panamanian capital firm Nessus Hoteles Perú, owner of said brand, announced at the end of October that the General Meeting of Shareholders agreed “carrying out the procedure for excluding common shares” of the company. It should be remembered that Casa Andina debuted on the BVL at the beginning of 2020, with the private issuance of securities for US$50 million with a term of 15 years.

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