Grupo Gicsa Under Review by S&P Global Ratings
Grupo Gicsa, a company specializing in the development and operation of various types of real estate, has been placed under “special negative review” by S&P Global Ratings due to potential changes in the terms and conditions of its exchange-traded bonds.
S&P Global Ratings put Grupo Gicsa’s long-term local scale rating of ‘mxB’ and the bonds with keys ‘GICSA 15’, ‘GICSA 17’, and ‘GICSA19’ under special negative review.
Grupo Gicsa plans to propose to its shareholders the sale of certain assets and early redemption of bonds at a market-like value, representing those emissions as of the current date.
The rating agency mentioned that it might lower Gicsa’s ratings by one or more levels within the next 90 days, depending on potential agreements established in bondholder assemblies for bond terms and conditions.
Grupo Industrial Saltillo Appoints New CEO
Grupo Industrial Saltillo, a company dedicated to the manufacturing and commercialization of products for the automotive and home sectors, appointed Knut Bentin as its new CEO starting August 18, replacing Jorge Rada Garza.
Bentin, a German national, brings 30 years of experience in the automotive sector with executive roles in Europe, Mexico, and the US.
Rada will leave the company after leading a portfolio reconfiguration and consolidation process of its subsidiary Draxton.
Grupo Industrial Saltillo stated that Bentin’s arrival will help strengthen operations and maintain financial discipline in a complex environment.
Mariatún Receives Sustainable Fishing Award
The National Chamber of the Fisheries Industry (Conapesca), under the Agriculture Secretariat, awarded Mariatún S.A. the Sustainable Fishing and Aquaculture 2025 prize in the commercial fishing at large scale category.
Mariatún, owned by Grupomar of Antonio Suárez and partner Hugo Camou, was recognized for its commitment to innovation and responsible fishing through the project “Investing in the Future: Renovation of Grupomar’s Tuna Fleet.”
Grupomar continues to invest in sustainable technological development by modernizing its marine fleet and allocating over $30 million for the upgrade of its vessel, María de Jesús.
Meta Platforms Declines EU AI Code
Meta Platforms, the company controlling popular social networks like Facebook and Instagram, decided not to sign the European Union’s AI practices code.
Meta argued that this code would “hinder” businesses as it introduces legal uncertainties for developers.
The regulations, set to take effect next month, establish a framework for complying with the AI Act approved by European lawmakers last year. The goal is to enhance transparency and security of this technology, according to CNBC’s report.
Key Questions and Answers
- Q: What is the reason for S&P Global Ratings placing Grupo Gicsa under review? A: S&P Global Ratings put Grupo Gicsa under review due to potential changes in the terms and conditions of its exchange-traded bonds.
- Q: Who is the new CEO of Grupo Industrial Saltillo, and what experience does he bring? A: Knut Bentin, a German national with 30 years of experience in the automotive sector and executive roles in Europe, Mexico, and the US, is the new CEO of Grupo Industrial Saltillo.
- Q: Why did Mariatún S.A. receive the Sustainable Fishing and Aquaculture 2025 award? A: Mariatún was recognized for its commitment to innovation and responsible fishing through the “Investing in the Future: Renovation of Grupomar’s Tuna Fleet” project.
- Q: Why did Meta Platforms decline to sign the EU AI code? A: Meta Platforms believed that the AI code would introduce legal uncertainties for developers and hinder businesses.
