Minerva gets approval for IPO of Athena Foods in Chile

SAO PAULO (Reuters)-the exporter of beef Minerva reported on Tuesday that Chilean authorities approved record of the Athena Foods as a publicly-traded company, releasing the progress of the initial public offering (IPO) of the subsidiary on the stock exchange Santiago. The Minerva informed even if holders of bonus with salaries in 2026 and 2028 of the company accepted the exclusion of Athena Foods of guarantor of the securities. Acceptance occurred upon payment of $7.50 for each $1,000 in principal of the securities. Minerva said the acceptance was 85%. The company also stated that the Board of Directors approved proposed reduction of share capital of Minerva of 1.115 billion to about 115 million, to be submitted to the Assembly of shareholders. The reduction will be made to absorb accumulated losses for the company, said Minerva, adding that the reduction will occur without cancellation of shares. With that, the account of accumulated losses by the company will be about 398 million dollars.