Morgan & Morgan advised an affiliate company of Grupo Provivienda in the purchase of a shareholding participation in Argos Panama, S.A.
Morgan & Morgan acted as Panamanian counsel to an affiliate of Grupo Provivienda in the purchase of 20% of the issued and outstanding shares of Argos Panamá, S.A., a Panama-based subsidiary of the Cementos Argos, a Colombia-based cement group that is the fifth largest in Latin America and second largest in the south east of the United States.
“Although this is the purchase of a minority equity stake, because of the value of the deal, the purchaser requested a complete due diligence of the operations of Argos Panamá and its subsidiaries, which included ports, mining, and cement related activities. The transaction also required steps to ensure the protection of all pertinent corporate rights to the rest of Argos Panamá’s minority shareholders and, in consequence, the purchaser’s economic and political rights”, stated Dr. Francisco Arias, partner of Morgan & Morgan, who handled this operation.
Associate Cristina De Roux also participated in this transaction.
Morgan & Morgan advised MMG Bank Corporation in the registration with the SMV of MMG Global Allocation Fund, Inc. as an investment fund authorized to publicly offer up to 20,000,000 of its Ordinary Class B Shares
Morgan & Morgan provided legal counsel to MMG Global Allocation Fund, Inc. (“MMG GAF”) in its constitution as a close-ended fund of funds. For said purpose, Morgan & Morgan provided advice to MMG GAF in registering with the Superintendence of the Securities Market of Panama (the Superintendencia del Mercado de Valores or “SMV”). The investment objective of MMG GAF is capital appreciation by acquiring a diversified portfolio of assets comprised of fixed-income, variable-income and alternative instruments derived from operations in Panama and abroad. MMG GAF was authorized by the SMV to publicly offer up to 20,000,000 of its Ordinary Class B Shares at an initial offering price of US$10.00.
MMG Bank Corporation acted as Arranger, Payment and Transfer Agent, Custodian and Placement Agent of MMG GAF and MMG Asset Management Corp. was appointed as Investment Manager of MMG GAF. Morgan & Morgan worked closely with MMG Bank Corporation and MMG Asset Management in the process of registering MMG GAF with the SMV and in the definition of the final terms and conditions of its Ordinary Class B Shares.
Partner Francisco Arias, and associates Ricardo Arias A., Pablo Epifanio and Cristina de Roux, participated in this transaction.
Morgan & Morgan acted as Panamanian counsel to Thesan with respect to the acquisition of PSZ1, S.A., a Panamanian company with a generation license issued by the National Authority of Public Services of Panama, for the development, construction and operation of the solar photovoltaic power plant “El Espinal”, with an installed capacity of 8.5MW in the Republic of Panama. Shortly after the acquisition of PSZ1, S.A., Thesan began the construction of the power plant, which is currently generating and supplying energy to the electricity market.
Morgan & Morgan continues to advise Thesan in on-going legal and regulatory matters of this project.
Partner Ramon Varela, and associates Ana Carolina Castillo and Cristina De Roux, participated in this transaction.