Banesco Pays Dividends to Holders of Preferred Shares

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Banesco Pays Dividends to Holders of Preferred Shares

23
Oct,2016

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Banesco Banco Universal, the financial institution of 100% Venezuelan capital and led by Juan Carlos Escotet, agreed to pay dividends for Bs. 7,382,830.00 to holders of preferred shares corresponding to issuing 2008-I and 2008-II. The payment was approved by Ordinary Shareholders Meeting, held on September 28 this year in the spaces of Ciudad Banesco building, Caracas, Venezuela.

Decisions in the Meeting

Juan Carlos Escotet - Banesco's decisions

Juan Carlos Escotet – Banesco in Caracas

During the mentioned Ordinary Shareholders’ Meeting of Banesco, the financial status of the financial institution were discussed, presented and audited by the accounting firm Márquez, Perdomo & Asociados (members of Crowe Horwarth International) as well as the Report of the Board of Directors, both corresponding to the six-month period ended on 30 June 2016. Both documents were approved unanimously. Also, the charges of Juan Carlos Escotet as Chairman of the Board of Directors of the Bank and Miguel Angel Marcano as Executive Chairman were also confirmed.

In addition to that, a cash dividend was declared for up Bs.7.382.830,00; this amount will be paid to holders of preferred shares, corresponding to emissions 2008-I and 2008-II. According to the minutes of the Meeting, this dividend covers the three-month period expiring on 15.02.2017.

About the Extraordinary Shareholders’ Meeting

On the same day, the Extraordinary Shareholders’ Meeting was held in Ciudad Banesco. The shareholders gave their approval to the reduction of share capital of the financial institution in Bs.700.000,00, following the rescue of 70,000 preferred shares made according to the public offering prospectus issuance of preferred shares issuing 2008-I and 2008-I .

Juan Carlos Escotet from Banesco

Juan Carlos Escotet

Other proposals of the Meeting

Finally, an approval was given to the proposal of increasing the share capital of the Bank in Bs.700.000,00 to place it in Bs.1.250.000.000,00, by paying a stock dividend by Bs.700.000,00, through the issuance of 70,000 new common shares from the same class, which are not convertible into bearer shares with a nominal value of Bs.10,00 each one.

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