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Chile's Inversiones La Construcción elects new board, cuts 2 directors

Shareholdersof Chilean investment firm InversionesLa Construcción SA, or ILC, elected the company's new board but decidedto reduce the number of directors from nine to seven, the company said in an April29 securities filing.

As aresult, the firm's board for 2016 is comprised of Chairman Jorge Mas Figueroa, Vice-ChairmanDaniel Hurtado Parot, Gastón Escala Aguirre, Lorenzo Constans Gorri, Alberto EtchegarayAubry, Sergio Torretti Costa and René Cortázar Sanz, who was named as an independentdirector.

Accordingto the company's website, which still listed nine board members as of May 6, thetwo directors not re-elected are Patricio Bustamante Pérez and Francisco Vial Bezanilla.

The ILC,which is the investment arm of Chilean construction chamber, CChC, took controlof Banco Internacional SAin October 2015 after completing a public share offering and a capital increase.