Quilmes Industrial (Quinsa) S.A. Announces Stock Repurchase Plan for a Further Amount of up to US$ 20 Million
December 23 2003 - 4:01PM
PR Newswire (US)
Quilmes Industrial (Quinsa) S.A. Announces Stock Repurchase Plan
for a Further Amount of up to US$ 20 Million LUXEMBOURG, Dec. 23
/PRNewswire/ -- Quilmes Industrial (Quinsa) S.A. ("Quinsa" or the
"Company") announced today that, following the substantial
completion of the market purchase program previously authorized by
the Company, its Board of Directors has authorized the purchase of
additional American Depositary Shares ("ADS"), each of which
represent 2 Class B shares. Specifically, the board authorized the
expenditure of up to an additional US$ 20 million to make market
purchases of ADSs, as, when and if market conditions are
appropriate. Based on the market price of Quinsa's ADSs on December
22, 2003, the new program authorized by the board would allow
Quinsa to purchase up to approximately 1,217,000 ADSs (or 3.8% of
Quinsa's outstanding Class B shares (calculated net of treasury
stock)). The actual number of ADSs purchased by Quinsa will depend
on the prices at which the purchases are made. Quinsa's capital
stock (net of Treasury Stock) currently consists of 62,958,805
Class B Shares and 635,131,255 Class A Shares. Quinsa's management
stated that the additional repurchase program reflects the board's
belief that, at current prices, the shares continue to represent an
attractive investment for the company and its shareholders.
Furthermore, the Company has continued to purchase its Class A
shares from time to time through the Luxembourg Stock Exchange,
pursuant to the authorization provided at the Annual General
Shareholders' Meeting held on June 27, 2003. The Quinsa Class B
Shares are listed on the Luxembourg Stock Exchange and on the New
York Stock Exchange in the form of ADSs. The Quinsa Class A Shares
are listed on the Luxembourg Stock Exchange. ABOUT QUINSA Quinsa is
a Luxembourg-based holding company which controls 87.6 percent of
Quilmes International (Bermuda) ("QIB"). The remaining 12.4 percent
stake is held by Beverage Associates (BAC) Corp. ("BAC") and by
Companhia de Bebidas das Americas -- AmBev ("AmBev"). Quinsa,
through QIB, controls beverage and malting businesses in five Latin
American countries. Its beer brands are strong market leaders in
Argentina, Bolivia, Paraguay and Uruguay and have a presence in
Chile. Further, pursuant to the Company's strategic alliance with
AmBev, it has entered into license and distribution agreements to
produce and sell in Argentina, Bolivia, Paraguay and Uruguay the
AmBev brands. Similarly, under the agreements, AmBev may produce
and distribute Quinsa's brands in Brazil. The Company also has
bottling and franchise agreements with PepsiCo, and thus accounts
for 100% of PepsiCo beverage sales in Uruguay and more than 80% of
PepsiCo beverage sales in Argentina. Quinsa's Class A and Class B
shares are listed on the Luxembourg Stock Exchange (Reuters codes:
QUIN.LU and QUINp.LU). Quinsa's American Depository Shares,
representing the Company's Class B shares, are listed on the New
York Stock Exchange (NYSE:LQU). Quinsa's web address:
http://www.quinsa.com/ DATASOURCE: Quilmes Industrial (Quinsa) S.A.
CONTACT: Francis Cressall of Quilmes Industrial (Quinsa) S.A.,
+011-5411-4321-2744 Web Site: http://www.quinsa.com/
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