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Multifinanzas shareholders OK capital hike, new directors

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Multifinanzas shareholders OK capital hike, new directors

The shareholders of Argentina's Multifinanzas Compania Financiera SA on Feb. 28 approved a plan to increase its share capital.

The move consists of a capital increase worth 10.0 million Argentine pesos, to be implemented through the issuance of new shares, as well as 15.2 million pesos through an irrevocable contribution for the issuance of shares. Both proposals were approved.

Meanwhile, shareholders also agreed to expand the company's board to five directors, and approved the designation of Horacio Gabriel Angeli and Fernando Oscar Sastre as new directors.

In late January, Angeli had offered an irrevocable contribution for future issues of shares for capital increase worth up to 15.7 million pesos.

As of Feb. 28, US$1 was equivalent to 20.13 Argentine pesos.