Announcement • Sep 18

Internacional de Cerámica, S.A.B. de C.V. Begins Free Float Share Offering on the Road to Delisting

Internacional de Cerámica, or Interceramic, began the last public tender offer to purchase its shares that remain in free float on the Mexican Stock Exchange (BMV), as part of its exit from the market. The company, whose main shareholders are the Almeida family and Kohler, seeks to acquire up to 210,784 shares held by minority investors, representing 0.15% of its capital stock. The producer and marketer of ceramic floor and wall tiles began the operation on September 13 and will conclude at 2:00 p.m., Mexico City time, on October 14, as announced in the offer notice. The offering, which is part of the procedures for the cancellation of the instruments in the National Securities Registry and the listing on the BMV, was delayed on at least a couple of occasions. The price per share proposed by Interceramic is MXN 100, the same price at which the controlling group managed to increase its stake in the company from 38.65 to 99.85% with a public offering in June. Three months ago, the company's owners had to pay a total of 468.3 million dollars at that time to increase their interest. If all minority shareholders were to accept the new offer then the company would have to pay a total of MXN 21.1 million, or USD 1.1 million at the current exchange rate. The transaction is not subject to any conditions and whoever does not sell now faces the risk of holding shares that will no longer be liquid in a public stock market. Interceramic is required by law to maintain a trust for at least six months after the offering to purchase, at the same price, the shares of those who did not participate. The company was founded by the Almeida family in 1978 and the current chairman of its board of directors, Víctor David Almeida García, belongs to it, while the ceramic and kitchen and bathroom furniture company Kohler has been its shareholder and partner for more than two decades. The company announced in April that it signed a letter of intent with Prudential Private Capital, the private equity investment arm of global fund manager PGIM, for the fund to make a capital contribution, subject to its eventual delisting from the stock market. Its delisting from the BMV is part of a trend of a drought of placements in the capital market and a flight of issuers that has been going on for several years. This month, the highway concessionaire in the center of the country, Aleática, announced that its shareholders approved the steps it needs to take to delist from the BMV, after 14 years of public life. Scotia Inverlat Casa de Bolsa is acting as intermediary for the offering, while Caria Capital was hired as mergers, acquisitions and financing advisor.

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