Panama bourse reorganizes
MEXICO CITY. The creation of a publicly listed holding company for Panama's stock exchange and its central securities depository will l...
MEXICO CITY. The creation of a publicly listed holding company for Panama's stock exchange and its central securities depository will likely be completed early next year, according to a top executive.
"The two companies will remain separate because their businesses are complementary. However, in terms of growth strategies, associations with other bourses and depositories, integration and expansion plans there are a lot of synergies," said Roberto Brenes, chief executive of the exchange, in an emailed statement.
Bolsa de Valores de Panama, BVP, and securities depository Central Latinoamericana de Valores, also known as Latin Clear, said in a joint statement Aug. 14 that their respective boards of directors will seek shareholder approval for the corporate restructuring. The plan, which is subject to authorization by Panama's securities and banking regulators, would see BVP and Latin Clear stockholders swap their shares for new shares in a holding company. Brenes said the two firms are worth more together under the umbrella of a single company than as separate entities.