Agreement Signed for Share Redemption in Marzam

Agreement Signed for Share Redemption in Marzam

PR Newswire

MEXICO CITY, May 6, 2024

MEXICO CITY, May 6, 2024 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. (BMV: LABB) ("Genomma Lab" or "the Company"), one of the leading pharmaceutical and personal care product companies in Mexico with an expanding international presence, provides an update on the initiative to divest "non-core" assets and increase focus on its core brands and businesses.

Gibart, S.A. de C.V., a wholly-owned subsidiary of Genomma Lab, currently holds a non-controlling equity stake in Grupo Comercial e Industrial Marzam, S.A.P.I de C.V. ("Marzam"), which represents a "non-core" asset of the Company.

Over several months, Marzam received potential third-party bids to acquire majority stakes from an international group and one of Mexico's largest logistics enterprises. However, these offers did not interest Moënch Cooperatief, U.A., the controlling shareholder of Marzam.

Mr. Luis Doporto Alejandre has signed a definitive agreement to proceed with a capital infusion into Marzam to strengthen its position in the wholesale pharmaceutical distribution sector and capture market opportunities. 

As part of this agreement, Gibart has consented to the capital infusion and, provided that the applicable conditions are met, will reduce its equity stake in Marzam. This transaction aligns with Genomma's strategy to divest certain "non-core" assets and focus on the company's core objectives.

The closing of the transaction is subject to customary conditions. Once completed, Gibart will no longer be a shareholder of Marzam.

Gibart reserves all its rights to enforce them until full payment is received in connection with this transaction.

About Genomma Lab Internacional

Genomma Lab Internacional, S.A.B. de C.V. is one of the fastest growing pharmaceutical and personal care products companies in Latin America. Genomma Lab develops, sells and markets a broad range of Premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. The Company has a sound business model through a unique combination of a new product development process, consumer oriented marketing, a broad retail distribution network and a low‐cost, highly flexible supply chain operating model. For more information visit: www.genommalab.com 

Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LABB" (Bloomberg: LABB:MM).

Note on Forward-Looking Statements 

This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans as a result of the COVID-19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products attained by competitors; challenges inherent in new product development; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws; changes in behavior and spending patterns of purchasers of products and services; financial instability of international economies and legal systems and sovereign risk. A further list and descriptions of these risks, uncertainties and other factors can be found within the Company's related filings with the Bolsa Mexicana de Valores. Any forward-looking statement made in this release speaks only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Genomma Lab Internacional, S.A.B. de C.V.