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Logo Grupo Quiñenco S.A.

November 16, 2006 – Santiago, Chile.

Quiñenco S.A. (LQ:NYSE) announced that its Board of Directors at its meeting today resolved to terminate Quiñenco’s ADR program with the Bank of New York, as depositary, delist its ADSs from the New York Stock Exchange (NYSE) and eventually pursue deregistration with the Securities and Exchange Commission (SEC). It is expected that the termination of the ADR program will be effective on or about January 6, 2007, immediately after which the NYSE will stop trading the ADSs.

The Board’s rationale for terminating the ADR program and delisting from the NYSE is based on a number of factors, the most important being:

  • Currently, less than 5% of Quiñenco’s outstanding shares are held by ADR shareholders;
  • Quiñenco is seeking to optimize its operating expenses.

Quiñenco’s shares will continue to trade on the Chilean Stock Exchanges.

On December 1, 2006, Quiñenco will provide formal notice to the Bank of New York that its ADR program will be terminated. Once the Bank of New York receives formal notice of the termination of the ADR program, it will establish a termination date for the Deposit Agreement (the termination date), which will be no sooner than 30 days from the date of that notice and is estimated to occur on or about January 6, 2007. Upon termination, holders of ADRs will have 90 days to decide if they would like to exchange their ADRs for ordinary shares of Quiñenco. If a holder of ADRs does not exchange its shares within the 90 day holding period, the Bank of New York will be authorized to sell the remaining shares and deliver to such holder the net proceeds from the sale of its shares.

In order to terminate Quiñenco’s ADR program in the above time frames, Quiñenco and the Bank of New York have agreed to modify the Deposit Agreement under which the ADRs were issued in order to decrease the required holding period from one year to 90 days. In addition, the Deposit Agreement will be amended to allow the Bank of New York to sell any remaining shares at the end of the holding period on a reasonable efforts basis.

Notwithstanding the termination of the ADR program and delisting from the NYSE, Quiñenco will continue to comply with SEC reporting requirements unless and until its securities are deregistered with that entity.

Quiñenco S.A., a leading Chilean business conglomerate, is the controlling entity of a portfolio of companies involved in financial services, food and beverage, telecommunications and manufacturing.