Quilmes Industrial (Quinsa) S.A. Announces Stock Repurchase Plan for a Further Amount of Up to US$ 50 Million
March 26 2004 - 4:02PM
PR Newswire (US)
Quilmes Industrial (Quinsa) S.A. Announces Stock Repurchase Plan
for a Further Amount of Up to US$ 50 Million LUXEMBOURG, March 26
/PRNewswire-FirstCall/ -- 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$ 50 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
March 24, 2004, the new program authorized by the board would allow
Quinsa to purchase up to approximately 2,716,000 ADSs (or 8.9% 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 61,004,905
Class B Shares and 634,581,688 Class A Shares. Quinsa's management
stated that the additional repurchase program is a result of the
board's intention to acquire shares at prices that 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 that 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 the AmBev brands in Argentina, Bolivia, Paraguay
and Uruguay. 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'sweb address: http://www.quinsa.com/ .
CONTACT: Francis Cressall, Quilmes Industrial S.A.,
+011-5411-4321-2744 (LQU) DATASOURCE: Quilmes Industrial (Quinsa)
S.A. Web site: http://www.quinsa.com/
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