Stock Market

Since its birth, the Venezuelan stock market has been a leading source of funding within the capital structure of F.V.I. Fondo de Valores Inmobiliarios, in fact the business concept created by its founder Luis Emilio Velutini was to provide liquidity to the real estate portfolio of the banking system through the creation of a fund to be listed in the stock exchange, whose underlying assets were office and commercial real estate. Since 1992 F.V.I. Fondo de Valores Inmobiliarios has been a leader in the Venezuelan stock market, being since the beginning of its trading one of the shares with the highest number of daily transactions and in addition to the equity market we have also been one of the companies with the largest participation in the fixed income security market through the issuance of bonds and our Program of Commercial Papers, born in 1999 and after 17 years we still continue to stay in the market.

F.V.I Fondo de Valores Inmobiliarios, S.A.C.A. is positioned as one of the most active securities issuers in the market, since during the last 10 years we have made public issues in the fixed income market, that is how, in 2006 were reported to the National Securities Superintendence and placed in the market, three issues of five-year unsecured debentures in the amounts of Bs 50 million and two for Bs 30 million and also one of bearer commercial papers for up to the amount of 50 million bolivars; later in 2007 there were registered and placed three issues of unsecured bonds and one issue of commercial papers, it being the 2007-III issue of unsecured bonds for Bs 40 million, the first on the market with a maturity of 7 years; in 2008 commercial papers were issued and in 2009 an issue of unsecured bonds for Bs. 100 million was placed. Currently F.V.I. has outstanding Bs. emissions for 1.12 billion in its OQ 2010 issues for Bs 270 million, OQQ 2012-I for Bs. 500 million and 2013-I for Bs 350 million, as well as its PC 2014-I Commercial Papers Program. All issuances are rated as A3 risk, issued by two independent credit rating agencies, Clave Sociedad Calificadora de Riesgos and Softline Consultores, all have been successfully placed in the market within a few days.

In 2015 a program of redistribution of treasury shares was undertaken, which resulted in the placing on the market of more than 5 million shares which were acquired by the shareholders of the company as a sign of investor confidence in the professionalism and efficient management by the Managers and Directors of the company. This same year the OQ 2014-I and OQ 2015-I issuances for One Billion Bolivars each, were approved; with the proceeds of the placement of these issuances the adequacy of the capital structure of the company and the extension of debt maturities shall be implemented, lengthening its financial debt maturities to 6 years.