Mexican special steel producer Grupo Simec announced to the Mexican Stock Exchange (BMV) this week that through its repurchase fund, the company has acquired 7,500 treasury shares (SIMEC-B). In a statement, the company said that Grupo Simec has authorized a fund to repurchase 1 billion Mexican pesos (US$71 million), which will be used to support investors interested in generating greater liquidity of the stock market, buying stocks when necessary and selling stocks when there is excess demand for them.
At the same time, Grupo Simec and the control group reported that they have no interest in selling their shares, as has been the case since it took over the current administration--the fund will be operated only to support investors.