Mexico's Cox Energy launches USD-32m capital raise

Mexico City-based Cox Energy America SAB de CV (BMV:COXA) has initiated the process to raise up to MXN 628 million (USD 32m/EUR 26.6m) through a capital increase.

The solar power company has started the preferred subscription rights process for holders of common and registered shares. It will offer up to 18.47 million single series class II common and registered shares at MXN 34.00 apiece. Existing shareholders will be able to exercise their preferred right in the transaction in proportion to their current holdings from July 12 until July 26, 2021.

Enrique Riquelme Vives, chairman of the board of directors of Cox Energy America, stated that the capital hike will help the company implement its strategic plan for the period 2020-2024, which covers the development and operation of solar photovoltaic (PV) projects.

“Additionally, the capital increase will contribute to reinforce the stock liquidity plan for COXA, seeking to increase the stock’s performance, while continuously seek the highest return for our shareholders,” he added.

The company has a presence in Mexico, Chile, Colombia, Guatemala, Central America and the Caribbean.

(MXN 10 = USD 0.502/EUR 0.424)

Choose your newsletter by Renewables Now. Join for free!