Alfa will hold an extraordinary meeting of shareholders to present the spin-off of its entire contribution to Axtel to its shareholders.

He explained that subject to corresponding approvals, he expects to implement the spin-off transaction, to form a new entity as a separate company, which will be listed on the Mexican Stock Exchange.

It said it would transfer all of its stake in Axtel to the Axtel console, along with other assets and capital.

Alfa shareholders will receive one Axtel holding share for each Alfa share, in addition to retaining their shares in Alfa’s share capital.

The proposal has been approved and recommended by the Alfa Board of Directors and is subject to approval at the extraordinary meeting of shareholders to be held on 12 July 2022.

“We are convinced that the proposed spin-off is the best step forward. Alfa shareholders continue to gain independence as we streamline the conglomerate structure to unlock our company’s significant value potential. Along with Nemak, Axtel will be the second Alfa subsidiary to become fully independent,” said Armando Garza Sada. , Chairman of the Board of Directors of Alfa.

Axtel enjoys a strong and competitive financial position as a leading provider of managed ICT solutions. We are confident in Axtel’s significant ability to take advantage of attractive growth opportunities as an independent company, and will also have the full support of Alfa to ensure an orderly transition,” said Alvaro Fernandez Garza, President of Alfa.