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Grupo Supervielle completes sale of microfinance unit

Grupo Supervielle SA said the company and unit Banco Supervielle SA transferred all of their shares in microfinance firm Cordial Microfinanzas SA to Ciudad Microempresas SA under an agreement reached in March.

The total sale price amounted to 46.5 million Argentine pesos (US$3.0 million), according to a Form 6-K filed April 3.

Under the deal agreement, Grupo Supervielle transferred 12,219,472 non-endorsable ordinary shares in Cordial Microfinanzas to Ciudad Microempresas, representing 87.5% of the firm's capital stock, while Banco Supervielle transferred 1,745,632 of the same shares, or 12.5% of the firm's capital stock

Both transfers were executed at a face value of 1 peso per share.

As of March 31, US$1 was equivalent to 15.38 Argentine pesos.