Aeroméxico planes in the hangars of the Benito Juárez international airport, in Mexico City, on June 28, 2022. LUIS CORTES (REUTERS)
Aeroméxico, the flag carrier of Mexico, is preparing to leave the Mexican Stock Exchange.
The shareholders of Grupo México endorsed in an extraordinary meeting and as part of the restructuring agreements with its creditors, the cancellation of the listing of its shares in the Mexican stock market.
The airline will request authorization from the National Banking and Securities Commission (CNBV) to launch and implement a Public Acquisition Offer for the outstanding shares.
"Aeroméxico will report on the terms and scope of the Public Offer, as well as on the start of it," the firm said in a statement.
Brian Rodríguez, an analyst at Grupo Financiero Monex, explains that this decision is positive for the company, but negative for investors.
For the airline, it will mean leaving the Mexican market to list its listing in the United States financial market.
“It is more attractive for them to go and list in the United States because there is much greater marketability, the North American market is much larger, in the future it will raise more capital and the country of origin of the two main shareholders of the company, Apollo and Delta, They are americans.
"This movement allows the issuer to maintain liquidity and solvency in the medium and long term," predicts the expert.
According to Rodríguez, before the end of 2022, the Mexican airline will be listed on the New York Stock Exchange.
Last March and after more than a year of negotiations, Aeroméxico left Chapter 11 of the United States Bankruptcy Law, a measure that was accepted due to the economic blow caused by the pandemic.
Like other airlines in the world, the Mexican airline was hit hard by the collapse in demand due to the coronavirus crisis.
During the first quarter of 2022, the company reported a net loss of 3,095 million pesos and revenues of almost 13,000 million pesos.
Jorge Gordillo, director of Economic Analysis at CIBanco, explains that the creditors of the airline, the new owners of Aeroméxico, are those who are not interested in having capital on the Mexican Stock Exchange, a capital that amounts to less than 10% of the company.
The financial analyst points out that before their crisis they had up to 30% of floating capital.
“Investors already knew that this could happen, for me personally this does not surprise me because they are changing the way they do things, maybe later they will consider this option of pulling capital to grow, but not right now, right now they are at a time of consolidation, of improving the practices they have”, he explains.
Gordillo mentions that at this time Aeroméxico must recover the market it lost to low-cost airlines such as Volaris and Viva Aerobús, and for this task they require more stable and solid capital.
“It is the path that I was following, they are looking for a capital that is not moving, because they are changing strategies, processes.
The risk is that when they want to re-enter the Mexican Stock Exchange it will be difficult for you, any exit from a company generates general distrust, so the Stock Exchange is not happy that this happens to it, but it is a company that had problems," he mentions.
In the coming weeks, Aeroméxico will join other companies that have also delisted from the BMV, Lala, Bio Pappel, Pochteca, Elementia, Maxcom or Bachoco.
The IPC index of the Mexican Stock Exchange (BMV) - made up of the 35 most liquid firms - operates this Wednesday morning with a drop of 0.17%, to 48,354.11 points.
The CIBanco specialist points out that any exit of a company from the Mexican stock market is always bad news.
However, he warns that this is because the companies have faced internal problems, not because the financial market is bad.
“The cause is unrelated to the Stock Exchange and for the investor it makes it more relevant to follow their reports, follow their data, be well advised and not play speculation because Aeroméxico clearly gave signs of their debt situations for a long time,” he advises. .
In this same sense, Rodríguez admits that the exodus of companies means fewer alternatives for the investor, which will mean a new challenge for both the investor and the BMV, which will have to find a way to attract new companies to list.
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