Both companies and the Cartes Group signed irrevocable definitive agreements whereby, by March 27 at the latest, in accordance with the guidelines given by the United States OFAC, the companies linked to Horacio Cartes will completely terminate any relationship with Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and Enex Paraguay S.A.E.
March 1, 2023 – Through material events filed this afternoon with the Financial Market Commission of Chile, CCU and Invexans (Enex’s parent company) announced today that they have signed irrevocable definitive agreements with the shareholders of Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and Enex Paraguay S.A.E., to complete the legal processes required to fully separate the Cartes Group from these companies before March 27 of this year.
The agreements comply with the shareholders’ intention to adhere to the guidelines and procedures established by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department to put an end to transactions with Horacio Cartes and the entities of his business group, and to the deadline set for that purpose by that institution on January 26, when it included Horacio Cartes and other companies related to him on the Specially Designated Nationals and Blocked Persons List (SDN List).
Pursuant to these agreements, the Cartes Group will no longer have any direct or indirect shareholding in the three aforementioned companies. Control and management of each of the companies will be assumed individually or in partnership with third party investors, by CCU, in the case of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A.; and by Enex, in the case of Enex Paraguay S.A.E. The transaction is valued at US$36.6 million in the case of the Cartes Group’s shares in the first two companies, and at US$35 million in the case of Enex Paraguay.
In addition to disclosing the agreement, the signatories expressed their desire for the three companies to “continue operating normally in order to continue providing customers with high quality services and products, sustaining companies that contribute to generating progress and employment in Paraguay.”