Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the issuance of common shares for an amount of up to US$30 million.
Morgan & Morgan Legal advised MERCANTIL SERVICIOS FINANCIEROS INTERNACIONAL, S.A. (the “Issuer”), the holding company of Mercantil Group and the indirect holder of leading enterprises in the banking and insurance business in Panama and other countries, in the issuance of Class “A” and Class “B” Common Shares for a total of US$30,000,000.00 (the “Common Shares”), which were successfully placed. The offer of the Common Shares was made to the Issuer’s pre-existing shareholders in order to increase its share capital, which constitutes an offer exempt from registration with the Superintendency of Capital Markets of Panama (the "SMV") under the provisions of paragraph (a) of numeral 4 of article 129 of the Single Text of Decree Law 1 of July 8, 1999 (the "Securities Law").
The funds received by the Issuer as a result of both offerings will be used by the Issuer to finance the growth of its operations, amongst other purposes in its ordinary course of business.
Partners Francisco Arias G., Roberto Vidal and Ricardo Arias A., and international associate Miguel Arias participated in this transaction.