Vitro: successful completion of capital stock increase

Vitro S.A. de C.V., announced 1 November 2006 that it has successfully completed a rights offering to shareholders and holders of ADRs for an increase in the company“s capital stock. As a result, the…

Vitro S.A. de C.V., announced 1 November 2006 that it has successfully completed a rights offering to shareholders and holders of ADRs for an increase in the company“s capital stock. As a result, the company received funds totaling MXP 550 million. Approximately 95% of the 62,857,143 total new shares offered were subscribed by the company“s current shareholders and ADR holders through the exercise of preemptive rights, and the remaining portion was purchased by IXE Banco, a Mexican Financial Institution, through a back stop facility that was arranged for the purpose. Purchasers of such new shares included persons that acquired preemptive rights through assignments that were notified to the company. The net proceeds from the rights offerings will be used to repay certain short term debt at the holding company in order to strengthen the company“s capital structure. Alvaro Rodriguez, Chief Financial Officer, said: “We continue to deliver on the financial plan established in mid-2005. This transaction reflects the strong support of our current shareholders and demonstrates their confidence in our future”.