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Costa Rica's Grupo Improsa looks to repurchase IFC stake, issue new shares

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Costa Rica's Grupo Improsa looks to repurchase IFC stake, issue new shares

Costa Rica-based Grupo Financiero Improsa SA on Oct. 23 will seek shareholder approval to issues new company shares and buy back nearly 3.6 billion shares from the International Finance Corp.

According to a regulatory filing, the company will ask its shareholders to approve measures that would allow its board to issue and place 1,780,754,456 shares.

It will also seek approval to repurchase 3,561,508,911 shares currently held by the IFC, a strategic shareholder in the company that granted a $20 million loan to banking unit Banco Improsa SA in 2015.