Femsa announces accelerated share repurchase agreement

Monterrey, mexico, march 15, 2024 (globe newswire) -- fomento econÓmico mexicano, s.a.b. de c.v. (“femsa” or the “company”) (nyse: fmx; bmv: femsaubd, femsaub) today announced that, consistent with its capital allocation framework and commitment to enhance capital returns to shareholders, it has entered into a derivative instrument known as an accelerated share repurchase (“asr”) agreement with a financial institution in the united states of america, to repurchase the company's shares through the acquisition of american depositary shares (“ads”). under the terms of the asr agreement, femsa has agreed to repurchase from such financial institution an aggregate amount of usd $400 million of its ads1. the asr contemplates an initial delivery of approximately 20% of the ads on or about march 19, 2024.
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