- At the meeting, shareholders gave the go-ahead for the corporate reorganization to strengthen the global growth of the group’s investments. This decision was made following the merger of Quiñenco subsidiary Invexans with Inversiones Río Argenta, controller of Enex, in April.
Santiago, September 16, 2020.- This morning Invexans S.A., a subsidiary of Quiñenco S.A., held an extraordinary shareholders’ meeting, which was conducted online because of the public health crisis. At the meeting, shareholders approved a corporate reorganization to boost development of the group’s international businesses. Since 2018 Invexans has a subsidiary in the United Kingdom, and in April 2020 it merged with the controller of Enex, Inversiones Río Argenta S.A.
The transaction approved today aims to further strengthen the company’s global expansion by structuring under independent companies Enex’s operations in each country and its interest in Sociedad Nacional de Oleoductos S.A. The latter is managed separately and its shareholders are currently evaluating a potential sale. Enex’s 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.
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. It then entered the Paraguayan market in 2019, where it now owns 50% of a network of 50 service stations and convenience stores.
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