Peru: Peru's only brewer, Union de Cervecerias Backus & Johnston, has approved terms for swapping its Class B and investment shares for a new class of nonvoting preference stock, stock market regulator CONASEV on December 9, according to Reuters. The company, which has not set a date for the share swap, said it would pay 14.30 soles ($4.35) worth of the new stock for every Class B share and 1.30 soles of the new stock for each investment share.

Backus, which is controlled by Colombian brewer Bavaria, the fourth biggest brewer in Latin America, set the nominal value of the new preference shares at 10 soles. They will be issued with a value of 13 soles. Backus, which makes the Cusquena, Cristal and Pilsen brands, said in June that each new nonvoting preference share could be exchanged for 10 investment shares. Shareholders could swap each Class B share for a new preference share.
Investors currently hold 514 million investment shares in Backus and 17.8 million Class B shares, according to CONASEV. Shareholders tendering their existing investment shares and Class B shares will receive a fixed accumulative dividend, the company has said. The dividend will be set before the swap is launched. ($1=$3.29)

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