May 27, 2013 / 9:22 PM / in 5 years

Chile's CCU to seek shareholder approval for $694 mln capital increase

SANTIAGO, May 27 (Reuters) - Chilean brewer and bottler CCU’s board will ask its shareholders on June 18 to approve a 340 billion peso ($694 million), capital increase to finance growth plans, the company said on Monday.

If the shareholder’s approve the operation, “the funds derived from the capital increase, will be used to finance the expansion plans contemplated in CCU’s strategy, via organic growth, (or) current businesses, and inorganic, (or) new businesses,” the company said in a filing with the local securities regulator.

CCU, which has operations in Argentina, Chile and Uruguay, is controlled by the local Luksic family’s Quinenco holding company and Heineken. (Reporting by Anthony Esposito; Editing by Nick Zieminski)

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