Mexico's Monex launches share buyback in move toward market exit

A man walks outside the building of Mexico's stock exchange in Mexico City, Mexico March 12, 2020. REUTERS/Luisa Gonzalez

MEXICO CITY, Dec 9 (Reuters) - Mexican brokerage Grupo Financiero Monex launched a public tender offer on Friday for its shares, priced at 668.23 million pesos ($33.85 million), as the company moves to finalize its departure from Mexico's main stock exchange.

The buyback, which ends on Jan. 9, prices the 30.78 million shares held by investors at 21.71 Mexican pesos ($1.10) apiece, according to a document published by the exchange.

The firm's shares, which typically have low trading volume, were up slightly to 18.50 pesos on Friday afternoon.

Monex (MONEXB.MX) said that once the buyback period is over, it will cancel the purchased shares, making it the most recent in a steady exodus of companies to leave the market.

($1 = 19.7390 Mexican pesos)

Reporting by Noe Torres; Writing by Kylie Madryl editing by Jonathan Oatis

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