Latibex will thus increase its offering and give investors the chance to achieve wider diversification in such representative sectors of the Latin American economies as oil, power, mining, metal, telecoms, construction, food, beverages, retail and banking.
SARE was established in 1967 and since its beginnings it has carried out projects for the housing sector in Ciudad de Mexico, the biggest and most advanced one in the country. Its business model features low risk levels thanks to the diversification of all market segments in which it operates – economical housing, social housing, middle class and residential.
In May SARE signed an agreement with ANUDA, BBVA’S real estate branch, for the construction of 400 apartments in one of the most profitable areas in Ciudad de Mexico. Later on, in September, it placed successfully $77 million through a Combined Global Offering on the Mexican Stock Exchange, where it has been traded since October 2003 – and on major European markets. Recently, it forged an strategic alliance with GMAC Hipotecaria for the purchase of new land.
Over the last 12 months to September SARE has built over 9,000 houses, which generated revenues exceeding €238 million and posted an EBITDA margin of 18.4%.
SARE Holding’s shares will start to trade on Latibex as from 15 November under the code XSARE. They will be grouped in trading units of 10 shares and BBVA will act as specialist for the stock, offering bid and ask prices at all times, thus guaranteeing the shares’ liquidity.
On 15 November at 12:30 hrs CET Dionisio Sánchez Carbajal, Arturo Sánchez Carbajal and Alberto Baz García de León, Chairman, Deputy Chairman and CFO respectively will present the company’s strategy and business model to analysts, managers and the media.
