Mexico City, January 15, 2021 – Mexarrend, a leading financial company in the Mexican market, is pleased to announce that, on December 30th, 2020, the shareholders agreed to subscribe to an increase in the variable portion of the capital stock by up to US$10 million, which will be drawn down during the first quarter of the year. This will strengthen Mexarrend’s balance sheet, and facilitate the growth of Mexarrend’s portfolio in 2021, a year in which the Company expects an increasing demand for its leasing products as the economy recovers. The capital increase will be provided by the three existing groups of Mexarrend shareholders.
Mexarrend’s priority is to maintain a healthy balance sheet and, therefore, future capitalization opportunities will be assessed in line with portfolio growth.
Mexarrend’s CEO, Alejandro Monzó, commented: “This capital increase demonstrates our shareholder’s support for Mexarrend’s growth strategy and our commitment to maintaining a strong balance sheet, as well as healthy capitalization and leverage ratios. We remain committed to funding SMEs, which continue to drive our country’s economy forward. We expect 2021 will be a year of economic recovery, leading to an increasing demand for Mexarrend’s financing products.”
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Investor Relations Contact Details
Ramón Barreda
Ricardo Danel
Ana María Ybarra
ana.ybarra@miranda-ir.com