Panama, June 1, 2022. Morgan & Morgan Legal advised MERCANTIL SERVICIOS FINANCIEROS INTERNACIONAL, S.A. (the “Issuer”), the holding company of Grupo Mercantil and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the private issuance of cumulative preferred shares for a total of US$30,000,000.00 (the “Preferred Shares”), which were successfully placed on a private basis. The offer of the Preferred Shares was made to the Issuer’s pre-existing shareholders in order to increase its share capital, which constitutes an offer exempt from registration with the Superintendency of Capital Markets of Panama (the “SMV”) under the provisions of paragraph (a) of numeral 4 of article 129 of the Single Text of Decree Law 1 of July 8, 1999 (the “Securities Law”).
The funds received by the Issuer as a result of the offering will be used by the Issuer to finance the growth of its operations, amongst other purposes in its ordinary course of business.
Partners Francisco Arias G., Roberto Vidal and Ricardo Arias A., and international associate Miguel Arias participated in this transaction.