- The Quiñenco subsidiary, which merged in April of this year with Inversiones Río Argenta, controller of Enex, is driving a corporate reorganization process to strengthen the global growth of the group’s investments.
- This is an important step in its internationalization strategy, marked in recent years by milestones such as forming a subsidiary of Invexans in the United Kingdom and Enex’s entry into the US and Paraguayan markets.
Santiago, August 31, 2020.- Invexans S.A., a subsidiary of Quiñenco S.A., has called an Extraordinary Shareholders’ Meeting for September 16th to be held remotely because of the public health crisis. At the meeting, shareholders will vote on, among other matters, a corporate reorganization designed to bolster the development of the group’s international businesses.
In line with the objectives of Invexans’ merger with Enex’s controller, Inversiones Río Argenta S.A., completed in April of this year, and the 2018 formation of the subsidiary Invexans Limited in the United Kingdom, this corporate reorganization is designed to further global expansion. In particular, the proposal’s main goal is to control the businesses developed by Enex through a company formed in the United Kingdom that is wholly owned by Invexans Limited.
Enex began expanding internationally in 2018, entering the US market by acquiring the Road Ranger travel center network, which currently has 40 points of sale on the main interstate highways in Texas and the Midwest. In 2019 it took a new step by entering the Paraguayan market, where it now owns 50% of a network of 50 service stations and convenience stores.
The reorganization plan seeks to structure Enex’s operations in these two countries and its interest in Sociedad Nacional de Oleoductos S.A., under independent companies. The latter is managed separately and its shareholders are currently evaluating a potential sale. The business in Chile, therefore, will continue to function with the same teams and companies and with a growth plan that is consistent with its operations up to now.
“The proposed structure is intended to maintain growth in Enex’s present locations (Chile, United States and Paraguay), while helping identify opportunities in new markets, providing greater visibility to its assets to attract potential new partners and granting access to global capital markets and deeper sources of financing,” the company affirmed in the Material Information Invexans filed today with the Financial Market Commission (CMF).
Meanwhile, Invexans Limited, an Invexans subsidiary, was formed in 2018 in the United Kingdom primarily to manage and prospect investments outside Chile. Today this company manages the group’s investment in the French multinational cable manufacturer, Nexans, and prospects new businesses with a geographic focus on Europe and the United States.
According to Francisco Pérez Mackenna, CEO of Quiñenco and Chairman of the Boards of Invexans and Enex, “This reorganization marks one more, very important step in the international expansion strategy we have pursued, allowing us to face these complex economic times from a strong and flexible position. We hope to further advance along this path very soon.”
Quiñenco is one of the largest, most diversified corporate conglomerates in Chile. It owns interests in leading companies in the financial, beverage, manufacturing, energy, transport and port services industries, which together employ over 68 thousand people in Chile and abroad. More information is available at www.quinenco.cl