Business Services Industry
Argentina: Management acquires shares in Irsa.
South American Business Information, July, 1999
The Argentinean partners of Quantum (George Soros) in the real estate company Irsa acquired a further 2,5% equity in the company at a price ofPesos$3 per share, in a move involving US$14.2mil. Over the next days Irsa is to issue shares enlarging the managers equity on it. Quantum will hold 13,5% in the company, managers Elstzain and Mindlin 2,64%, and the remainder is scattered among investment and pension funds 16,07% and 67,44% in the stock market. In April Elstzain and Mindlin made a similar deal with Quantum, firming from 11% to 23,% their share in Cresud agribusiness in a deal worth US$15.17mil. There are rumors that Soros would divest positions in Argentina, mainly selling a stake in Alto Palermo shopping centers manager to US investment funds....
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