Alfa Seeks to Raise Capital For Energy Projects
Mexican conglomerate Alfa said on Monday it wanted to issue more shares to invest in Mexican energy projects in the areas of shale gas, conventional hydrocarbons and electricity, according to a stock exchange filing.
Shareholders will vote on the proposal at an extraordinary meeting on Nov. 4, the company said. It did not specify the size of the capital raise.
Earlier this year, Mexico finalized an energy reform which ends the decades-old monopolies of state-owned oil company Pemex and national power company CFE, aiming to lure billions of dollars in investment.
Alfa, which manufactures car parts and refrigerated foods as well as petrochemicals, is one of a handful of Mexican companies set to benefit directly from the reform.
Next year it will seek joint ventures with Pemex, particularly in three onshore mature fields, and will ramp up electricity generation in the next five years, the company told Reuters in August.
Chief Financial Officer Ramon Leal said earlier in October the Monterrey-based company was looking at a possible alliance or additional investment with Canadian oil company Pacific Rubiales Energy Corp. (PEGFF).
Alfa is also planning initial public offerings of its Sigma and Newmak units next year.
(Reporting by Christine Murray; Editing by W Simon and Meredith Mazzilli)
