Cox

Cox / Cox to enhance liquidity of its shares through a share swap...

Cox to enhance liquidity of its shares through a share swap targeted at minority shareholders of its listed Mexican subsidiary

  • The swap ratio consists of one share of Cox ABG Group S.A. for every five shares of Cox Energy, S.A.B. de C.V. contributed to the swap.
  • The operation will involve a share swap aimed at specific shareholders, for those holding shares in both BIVA and BME Growth, exchanging Cox Energy shares for parent company shares to increase the group’s free float.
  • The swap was already outlined in the information booklet of the company’s share subscription offer, approved in November by the CNMV.
  • Cox Energy, founded in 2014 by Enrique Riquelme, began trading on BIVA in July 2020, becoming the first solar photovoltaic energy company to list on a Latin American stock exchange.

 

Madrid, April 9, 2025. The Board of Directors of Cox, a vertically integrated utility in water and energy, has agreed to initiate a share swap process targeted at specific shareholders of Cox Energy, which will continue to be listed on BIVA. This action is being carried out as outlined on page 151 of the information booklet for the company’s share subscription offer, registered in the Official Register of the CNMV on November 5, 2024, as amended by the supplement to the booklet approved and registered on November 12, 2024.

To execute the swap involved in this operation, the Board of Directors of Cox has decided that, at the forthcoming General Shareholders’ Meeting, a proposal will be made for a capital increase through a non-cash contribution of Cox Energy shares to the parent company, with a swap ratio of one share of Cox ABG Group S.A. for every five shares of Cox Energy, S.A.B. de C.V. contributed in the swap.

The Company notes that the operation is still under analysis, and it cannot guarantee that it will ultimately proceed or that the announced conditions will be maintained. At this stage, it does not plan to extend the operation to other shareholders of Cox Energy nor launch a public offer, although if it were to do so, it would treat all Cox Energy shareholders equitably.

Cox Energy was founded in 2014 by Enrique Riquelme, specializing in renewable energy generation, with a primary focus on solar photovoltaic technology. It began trading on the Bolsa Institucional de Valores (BIVA) in Mexico on July 8, 2020, becoming the first solar photovoltaic energy company to list on a Latin American stock exchange. Later, on July 3, 2023, the company began trading on BME Growth in Spain, achieving a dual listing on both markets.

 

 

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Luis Arizaga Zárate

Independent Director

Member of the Audit Committee

Date of appointment: September 17, 2024

Shareholding in Cox Abg Group, S.A.: 11,514 shares

Partner of Exus Management Partners (Exus) and GenuX Power, a global renewable energy platform with offices in nine countries, managing 11GW of installed capacity, including 2.6GW in Mexico between wind and solar energy projects. Holds a Master of Business Administration (MBA) from the Leonard N. Stern School of Business at NYU in New York, and a bachelors degree in Accounting and Finance from ITESM in Mexico.

Prior to joining EXUS in 2019, he founded EIRA Capital, an investment platform focused on Energy and Infrastructure transactions in Mexico, and Latin America. He was also part of Australia’s Macquarie Group in Latin America, where he spent more than 7 years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, asset management activities, as well as third party advisory roles on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, public private partnerships, roads, and telecom companies. In addition, his previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank’s M&A group in New York, and Citibank’s M&A group in Mexico.

Other former relevant positions include his role as independent member of the investment committee of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican mortgages and housing government agency).

Enrique Riquelme Vives

Presidente Ejecutivo

Fecha de nombramiento: 17 de septiembre de 2024

Participación en el capital social de Cox Abg Group, S.A.: 50.601.230 acciones

COX

Presidente Ejecutivo de Cox, tras iniciar su andadura profesional en el sector inmobiliario y de la construcción, en 2010 fundó Grupo El Sol en Panamá, especializado en operaciones de minería, cemento, infraestructuras y energía. Con el tiempo, la empresa se convertiría en el mayor proveedor de arena de la UTE responsable de la ampliación del canal de Panamá. Posteriormente, pasó a liderar las fases de oferta y desarrollo de Rainbow 50: el proyecto fotovoltaico de mayor envergadura ejecutado en América Latina hasta aquel momento.

Ha recibido varios galardones por su contribución al mundo empresarial en España, entre ellos el Premio del Certamen Nacional de Jóvenes Emprendedores 2018. También ha sido distinguido como uno de los «100 latinos más influyentes comprometidos con la acción climática» y uno de los «100 españoles más creativos del mundo de los negocios» según la revista Forbes. Actualmente, es miembro del Consejo Internacional de la San Telmo Business School y preside el Consejo Asesor de la Fundación Scholas para Panamá, Centroamérica y Caribe.