Background on Grupo México and GMXT
Grupo México Transportes (GMXT) is a transportation division of the conglomerate Grupo México, led by Germán Larrea. The company’s shares recently experienced a significant surge following the announcement of an Offer to Purchase (OPA) to deslist from the Mexican Stock Exchange (BMV).
Recent Share Performance
- GMXT shares rose by 7.48% to close at 35.35 pesos on the BMV.
- This marks the highest level since June 3, 2021.
- Year-to-date, GMXT shares have increased by 8.56%.
- The company’s market capitalization has grown to 154,434 million pesos.
Details of the OPA and Deslisting
Grupo México Transportes launched an OPA to acquire up to 390.9 million shares, equivalent to 8.95% of its circulating capital, in order to cancel its registration with the National Securities Registry (RNV) and its listing on the BMV.
- The offer price is 35.99 pesos per share, providing a premium of 9.4% compared to the closing price on September 22.
- The maximum amount to be paid is 14,068 million pesos.
Reasons for Deslisting
Amín Vera, Director of Finance at Invala Family Office, explained that Grupo México Transportes aims to deslist due to insufficient trading volume in the Mexican market, which results in higher costs than benefits from being a publicly traded company.
- Low trading volume prevents listed companies from enjoying advantages such as better financing costs and increased liquidity of their assets.
- Despite not receiving these benefits, listed companies must bear significant costs, including quarterly financial reporting, credit rating maintenance, auditor payments, and market maker upkeep.
Impact on Stakeholders
Analysts from GBM Research stated that the OPA will be active from September 23 to October 20 (20 business days) and will be executed directly by the issuer.
- The objective is to acquire up to 8.945% of the circulating capital (approximately 14,068 million pesos) representing the currently floating shares.
- If fully completed, Grupo México and Grupo Carso will retain 82.7% and 17.3% of the shares, respectively.
Key Questions and Answers
- What is the main reason for Grupo México Transportes to deslist? The primary reason is the insufficient trading volume in the Mexican market, leading to higher costs than benefits from being a publicly traded company.
- What is the offer price per share? The offer price is 35.99 pesos per share.
- What percentage of circulating capital will Grupo México and Grupo Carso retain if the OPA is fully completed? They will retain 82.7% and 17.3% of the shares, respectively.
