Key Developments For Pricesmart Inc
Pricesmart Inc (PSMT.O) (Nasdaq)
PriceSmart, Inc. Announces Increase In Semi Annual Dividend
PriceSmart, Inc. announced that its Board of Directors has declared cash dividends, in the total amount of $0.50 per share, $0.25 per share payable on February 27, 2009 to stockholders of record as of the close of business on February 13, 2009 and $0.25 per share payable on August 31, 2009 to stockholders of record as of the close of business on August 14, 2009.
PriceSmart, Inc. Announces Trinidad Land Acquisition
PriceSmart, Inc. announced that on December 19, 2008, it acquired 30,959 square meters of land in the city of San Fernando, Trinidad upon which the Company plans to construct and operate a new PriceSmart warehouse club, which will be its fourth in Trinidad. The terms of the acquisition were not disclosed.
PriceSmart, Inc. Announces Property Acquisitions in Panama and Costa Rica for Two Warehouse Clubs and Adjoining Commercial
PriceSmart, Inc. announced that it has recently entered into agreements to acquire properties in Panama and Costa Rica for the construction of new PriceSmart Warehouse Clubs and the development of adjoining Commercial Centers. On September 24, 2008 PriceSmart acquired 13,162 square meters of real estate in Panama City, Panama, upon which the Company plans to construct and operate a new PriceSmart Warehouse Club. Typically, PriceSmart land requirements are approximately 20,000 square meters. The new Panama City location will be constructed on two levels, parking at grade level and the building on the second level. An existing PriceSmart Warehouse Club in Panama City, Panama (known as the Los Pueblos Club) will be relocated to this new site, and the Company will thereby continue to operate four Warehouse Clubs in Panama. It is currently anticipated that the new PriceSmart Warehouse Club will open in the fall of 2009. PriceSmart concurrently entered into an agreement with an entity controlled by local Panamanian businessmen to jointly own and operate a Commercial Center adjacent to this new PriceSmart Warehouse Club, with the Company and the Panamanian entity each owning a 50% interest in the Commercial Center. On September 24, 2008, 38,331 square meters of real estate were acquired, upon which the Center will be constructed. It is currently anticipated that the Center will commence commercial operations in the fall of 2009.
PriceSmart, Inc. Announces Settlement of Pending Litigation
PriceSmart, Inc. announced that the Company has entered into a Settlement Agreement and Release with PSC, S.A. (PSC), Tecnicard, Inc. and Banco de la Produccion, and their affiliates (collectively PSC Parties), which resolves the previously announced disputes that had been pending between the Company and the PSC Parties. The terms of the Settlement Agreement and Release include a dismissal of all pending litigation and a mutual release of all claims, the Company's acquisition of PSC's 49% interest in PSMT Nicaragua (BVI), Inc. resulting in the Company being the sole owner of the PriceSmart Nicaragua business, termination of other agreements between the Company and the PSC Parties resulting in, among other things, banks affiliated with the PSC parties vacating the PriceSmart warehouses by mid-April, 2008. The Company and PSC will enter into a Put Agreement covering any of the 679,500 shares of the Company's common stock which PSC owns at the end of such period. The Put Agreement, in turn, will require PSC to use commercially reasonable efforts to sell the shares subject to the Put Agreement during a period of 60 days from the date of the Put Agreement. At the end of such period, PSC may require the Company to purchase at $25.00 per share any of those shares which may remain unsold at the conclusion of that period. Payments made by the Company pursuant to this Agreement totaled $17.85 million from available operating funds.
PriceSmart, Inc. Announces Cash Dividends
PriceSmart, Inc. announced that its Board of Directors has declared cash dividends, in the total amount of $0.32 per share, $0.16 per share payable on April 30, 2008, to stockholders of record as of the close of business on April 15, 2008, and $0.16 per share payable on October 31, 2008, to stockholders of record as of the close of business on October 15, 2008.
