Fondo de Valores Inmobiliarios passed issuance of bonds up to Bs. 20 billions

JW Marriott St. Domingo 1

This year, the financial company will try to maximize the shareholders’ equity, to increase incomes and to reduce costs

On April 29th, when the ordinary and extraordinary shareholders’ assembly took place, the el Fondo de Valores Inmobiliarios (FVI) presented its achievements for the years 2015, such as increase of social capital in shares; from VEF. 112,497,932 to VEF. 257,236,078. The opportunity helped to decree dividend in cash of VEF. 1.0714 per share, dividend in shares of VEF. 1.288 per registered shares, and approval of issuance of bonds up to VEF. 20 billons, to be filed in the national securities market.

Luis Emilio Velutini, Chairman of the Board of Directors of the company, highlighted the financial strength of the Fondo de Valores Inmobiliarios, informing that the indicator of liquidity was placed in 1.55 VEF of liquid assets per 1 bolivar of current liabilities; the coverage indicator EBITDA for interest expenditure was 4.59 times higher than last reported occasion and the indebtedness ground was 0.40 VEF of liability per each Bolivar of assets.

“Our commitment is with the development and well-being of our country; thus, we want to support the initiatives that the national government carries out to tackle the major challenges of the economy and the Venezuelan society,” Mr. Veltuni said. 

An alternative for the State-owned companies

Believing that the securities market complements the management control that the National Council of Economy carries out in the matters of promoting investment and national production of goods and services, the vice-president of management and finance & CFO of the FVI, Alejandro Petit, highlighted the benefits of the incorporation of the State-owned companies to this market.

“The securities market could democratize (transparently and competitively) access to financing sources, reduce public debt and fiscal deficit, enhance the equity structure, and would promote competitiveness and optimization of results; as it happened with countries like China, Vietnam, Brazil, among others. We offer to share our experience in this market,” Petit said. 

Optimistic numbers

In the matter of the performance of the FVI in the real estate business, even though the unique circumstances of the country, indicators were also positive:

  • Visits to shopping centers increased by 1.54%, in comparison with 2014; due to distinctive elements, such as location, quality of service, and commercial characteristics.
  • The average occupancy of the commercial portfolio was 94%.