Mexican microfinance lender Financiera Independencia approves Ps. 0.21 dividend

Microfinance Focus, Sep 22, 2010: Financiera Independencia, a Mexican microfinance lender of personal loans to lower income individuals and working capital loans through group lending microfinance, has approved the payment of a cash dividend, to be charged to the balance of the net tax profit account of the Company, in the amount of Ps.0.21 Mexican currency. The decision was taken on the Ordinary Shareholders Meeting held September 20, 2010.

Cash dividend will be paid to each of the outstanding shares representing the paid-in capital stock of the Company, in three equal and quarterly installments of Ps.0.07 Mexican currency per share. First instalment will be paid on September 29, 2010, the second one on December 15, 2010 followed by the final instalment on March 15, 2011. All resources with which the Company will pay the aforementioned cash dividend come from the net tax profit account and no amount shall be withheld to the stockholders.  

As of June 30, 2010, Independencia had a total outstanding loan balance of Ps.5, 386.7 million and operated 369 offices in Mexico and Brazil. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol “FINDEP”. On November 30, 2009 Independencia launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of Independencia common stock and trades over-the-counter (OTC).

© 2010, Microfinance News. All rights reserved. 2008-09