The Mexico Fund, Inc. Declares Largest Dividend in its History; Announces Terms of Upcoming In-Kind Repurchase Offer
The Mexico Fund, Inc. (NYSE: MXF - News) announced that the Board of Directors has declared the payment of the Fund’s largest cash distribution per share since its inception in June 1981. The Board has declared a cash dividend of $2.909 per share, payable on January 23, 2006 to stockholders of record on December 21, 2005. The dividend is comprised of $0.8461 ordinary income, which includes $0.2213 of short-term capital gains and $2.0629 of long-term capital gains. This dividend is equivalent to 10.4% of its market price and to 9.2% of its net asset value per share as of October 31, 2005.
Stockholders are encouraged to dedicate their dividend distribution to continued long-term investment in the Fund through participation in its Dividend Reinvestment Plan (the “Plan"). Stockholders enrolled in the Plan will receive their distribution in shares of common stock of the Fund.
Stockholders not currently enrolled in the Plan but who would like to dedicate the proceeds of this dividend distribution (and future distributions) to be directly invested in Fund shares must be enrolled in the Plan no later than December 21, 2005. Stockholders who wish to learn more about the Plan or desire to enroll in the Plan and hold their shares through a broker-dealer should contact their broker-dealer. Stockholders who hold their shares through a broker-dealer cannot enroll in the Plan unless their broker-dealer is enrolled in the Plan. Other stockholders who wish to learn more about the Plan or desire to enroll in the Plan should contact the Fund’s transfer agent, American Stock Transfer & Trust Co., at 877-573-4007 or access their website, at http://www.amstock.com.
More: biz.yahoo.com
The Mexico Equity and Income Fund, Inc. Announces Expiration of, and Subscription Price of the Rights Offering
The Mexico Equity and Income Fund, Inc. (NYSE:MXE) (the "Fund") announced today the successful completion of nontransferable rights offering (the "Offer") conducted by the Fund, which commenced on November 17, 2005, expired on December 28, 2005. The Offer entitled shareholders to subscribe for an aggregate of 1,855,128 shares of preferred stock of the Fund ("Shares"), of which, based on a preliminary count 1,429,268 Shares will be issued raising $25,683,946. The Fund has determined that it will not be necessary to issue additional Shares to
Mexico's Penoles Workers Postpone Strike Date to Vote Offer
Miners at Industrias Penoles SA, Mexico's largest silver miner, deferred a strike date scheduled for yesterday at a silver-and-lead mine to vote on a salary offer, the union said in a statement.
The strike at the mine in Naica, Chihuahua, was delayed until Jan. 27 at 2 p.m. New York time while the vote is organized, local union leader Sergio Chavira said in the statement. The terms of the Penoles offered weren't disclosed.
More than 350 union miners work at Naica, the largest lead mine in Mexico. The mine in 2005 produced
Thacher Proffitt's Mexico Office Announces New Partner Luis Enrique Graham
Thacher Proffitt & Wood LLP, a 150-year- old law firm, announced today that Luis Enrique Graham has joined its Mexico City office as a Partner, effective December 5, 2005. Luis Enrique will lead the litigation and arbitration department in Mexico. This increases the total number of attorneys in the Mexico City office to 24.
"We are delighted to welcome Luis Enrique to Thacher Proffitt," said Paul Tvetenstrand, the firm's managing partner. "He is an immeasurable asset to our Firm. We're one of the fastest growing law firms in
DiaSys Corporation Announces $11.75 Million Order in Mexico for the Company's Parasitology Products
DiaSys Corporation (AMEX:DYX) a global healthcare products company, announced today that it has signed a three year exclusive distribution agreement with DICIPA in Mexico. The agreement guarantees minimum purchase orders of $11.75 million for the Company's fully integrated parasitology workstations and consumable products over the three year period. DICIPA, which was founded in 1979, also represents Beckman Coulter and Dade Behring.
"Our three year distribution agreement in Mexico is a significant achievement for DiaSys and proves our sales strategy in Latin America, following our announcement in Venezuela earlier
Free fund transfers to Mexico offered
Bank of America has teamed with several Mexican banks and government-run agencies to offer free money transfers for Mexicans living in the United States.
Bank officials said last week the business aim of the transfer service - called SafeSend - is to gain customers among a sector of the population in which relatively few people have bank accounts.
"We don't see ourselves in the remittances market," said Eduardo Vergara, senior vice president in charge of international remittances at Bank of America. He said that 41 percent of Hispanic households in the U.S. have accounts at the bank.
The
Mexico's Fox announces new energy policies
Mexican President Vicente Fox on Monday announced a series of measures designed to keep energy costs down for millions of Mexicans and increase the country's energy independence.
The measures include limiting price increases on gas and electricity and reforms to allow more private investment in exploration and production of natural gas.
World energy prices have soared amid the effects of Hurricane Katrina, and Fox said Katrina not only threatened to cause significant increases in energy prices, but also could affect supplies to Mexico.
More: businessweek.com
Mexico's Cemex prices $1.3 billion share offer
Mexico's Cemex, the world's No. 3 cement maker, said late on Tuesday it priced a $1.3 billion offer of American Depositary Receipts at $49.50 per receipt.
Part of the offer was placed in local shares, 10 of which make up one American Depositary Receipt, or ADR. The equivalent offer price in local shares was 53.89 pesos per share.
Cemex's ADRs (CX.N: Quote, Profile, Research) closed on Tuesday at $50.14 while its Mexico-traded stock (CEMEXCPO.MX: Quote, Profile, Research) finished at 54.44 pesos.
Source: today.reuters.com
Bank of America Announces Free Nationwide Remittance to Mexico
ank of America today announced its
free nationwide remittance service that is making it easier for millions of
Hispanics to send money to Mexico by eliminating transfer fees. Called
SafeSend(R), the new feature is available to anyone who has a Bank of America
personal checking account. Earlier this year, Bank of America became the first
major financial institution in the United States to offer free remittances
when it introduced the product in Chicago.
"We are proud to help millions of Hispanics send money for free to loved
ones in Mexico," said Liam McGee, president of Global
Agents at Mexico City Airport Seize 585 Kilograms of Cocaine
Federal agents searching the cargo hold of a flight from Venezuela on Monday discovered at least 585 kilograms (1,290 pounds) of cocaine tucked inside 13 cardboard boxes - one of the largest cocaine seizures in the history of the Mexican capital's airport.
Dogs trained to smell drugs led authorities to the discovery aboard Mexicana Airlines Flight 374, which landed at Benito Juarez International Airport from Caracas, the Venezuelan capital, according to a federal police spokesman.
A statement from the federal attorney general's office said that 585 kilograms of cocaine had been divided carefully
Bank Of Nova Scotia Goes Wholesale Into Mexico >BNS
When Mexican retailer Grupo Chedraui decided to bid for a group of supermarkets owned by France's Carrefour S.A. (12017.FR), it turned to a Canadian bank.
Bank of Nova Scotia (BNS) sent a team of merger & acquisition specialists to guide the retailer through the process. Along the way, the Toronto-based bank helped Chedraui finance the $550 million purchase, provided foreign-exchange services and helped it hedge its interest-rate risk.
That, says David Wilson, chairman of the bank's investment-banking wing Scotia Capital, is the kind of cross-selling potential Bank of Nova Scotia sees in Mexico.
