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Family that founded Mexico's Homex cuts stake in homebuilder
May 14, 2013 / 10:16 PM / 5 years ago

Family that founded Mexico's Homex cuts stake in homebuilder

MEXICO CITY, May 14 (Reuters) - The family that founded Homex, Mexico’s second-biggest homebuilder, has cut its stake in the company by more than a third in a month, according to a regulatory filing on Tuesday.

The de Nicolas family’s Homex stake was trimmed to 19.23 percent on Tuesday from about 33 percent on April 14, filings with the U.S. Securities and Exchange Commission show.

A trust for five members of the family, including Chief Executive Gerardo de Nicolas and Chairman Eustaquio de Nicolas, sold 1.7 million U.S. listed shares, equivalent to 11.2 million Mexican-listed shares or 3.35 percent of its total stock outstanding, over seven days this month.

The family sold the shares to meet margin calls “related to loans disposed initially during October 2007 and 2008,” according to the latest filing.

A spokeswoman for the company did not immediately respond to a request for comment.

The family also sold shares earlier this month and last month, filings show.

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