 | E-Malt.com News article: Latin America: Quinsa announces completion of current share repurchase program
Quilmes Industrial (Quinsa) S.A., the Luxembourg-based holding company, controlling malting and beverage businesses in 5 countries of Latin America, announced on August 1 that it had fully utilized the amount allocated by the Company's board of directors for stock repurchases under the current stock repurchase program.
As previously disclosed, in March 2004, the Company announced that its board of directors had authorized a stock buyback program pursuant to which the Company might purchase up to US$50 million of its shares. Consequently, unless and until the board of directors decides to authorize additional stock repurchases, the Company will not be seeking to acquire shares of its stock in open market purchase transactions.
Quinsa is a Luxembourg-based holding company that controls 87.6 percent of Quilmes International (Bermuda) ("QIB"). The remaining 12.4 percent stake is held by Beverage Associates (BAC) Corp. ("BAC") and by Companhia de Bebidas das Americas -- AmBev ("AmBev").Quinsa, through QIB, controls beverage and malting businesses in five Latin American countries. Its beer brands are strong market leaders in Argentina, Bolivia, Paraguay and Uruguay, and have a presence in Chile. Further, pursuant to the Company's strategic alliance with AmBev, it has entered into license and distribution agreements to produce and sell the AmBev brands in Argentina, Bolivia, Paraguay and Uruguay. Similarly, under the agreements, AmBev may produce and distribute Quinsa's brands in Brazil.
The Company also has bottling and franchise agreements with PepsiCo, and thus accounts for 100% of PepsiCo beverage sales in Uruguay and more than 80 percent of PepsiCo beverage sales in Argentina.
Quinsa's Class A and Class B shares are listed on the Luxembourg Stock Exchange (Reuters codes: QUIN.LU and QUINp.LU). Quinsa's American Depository Shares, representing the Company's Class B shares, are listed on the New York Stock Exchange.
03 August, 2005
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