Latin America: Quinsa reported US$9,442,926 loss for the period 01/05/05 to 31/12/05
Quilmes Industrial (Quinsa) S.A. announced July 05 the outcome of its Ordinary General Meeting for the financial year ended December 31, 2005 that took place in Luxembourg on June 22, 2006.
Under the Chairmanship of Mr. Jacques-Louis de Montalembert, the Ordinary General Meeting heard the report of the Board of Directors and the report of the statutory and independent auditors for the financial year 2005.
The General Meeting also approved the distribution of retained earnings for the year ended December 31, 2005. The Parent Company having reported a loss for the period May 1st, 2005 to December 31, 2005 of US$9,442,926, the General Meeting voted to pay total net dividends of US$39,248,096 to the shareholders, from net retained earnings of US$164,048,022.
Tuesday, August 8, 2006 will be the date for payment of the dividend of US$0.035060 net per share to all holders of Class A shares and of the dividend of US$0.350600 net per share to all holders of Class B shares tendering coupon N° 14 or registered as of July 28, 2006 (record date). The net dividend per ADR shall be US$ $0.7012.
The Annual General Meeting reelected Messrs. Floreal Horacio Crespo, Alexander James Christopher Harper, Alvaro Cardoso de Sousa and Gustavo Alfredo Horacio Ferrari as directors of the company.
The General Meeting confirmed the decisions of the Board Meeting to appoint Mr. Victorio De Marchi as Co-chairman and Mr. Milton Seligman as Director of the Company.
The meeting also accepted the resignation of Mr. Carlo Hoffmann as Secretary General of Quinsa.
The Ordinary General Meeting was followed by an Extraordinary General Meeting which restated the previously existing provisions relating to the authorized capital and inter alia to waive preferential subscription rights of shareholders to subscribe for further issues of Class A shares and class B shares within the limits of the authorized share capital for a new 5 year period.
Quinsa is a Luxembourg-based holding company that controls approximately 93% of Quilmes International (Bermuda) ("QIB"). The remaining stake is held 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, Chile, 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 both Argentina and Uruguay.
Quinsa's Class A and Class B shares are listed on the Luxembourg Stock Exchange. Quinsa's American Depositary Shares, representing the Company's B shares, are listed on the New York Stock Exchange.
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