Mexico in Brief
From Mexico in Brief Newsletter
KOF SELLS PHILIPPINES OPERATION.
Coca-Cola FEMSA, Mexico-based multinational beverage company, announced that it sold 51% of its stake in Coca-Cola Philippines to The Coca-Cola Company at a price that will be determined according to a pre-agreed formula, and that may not exceed the aggregate value agreed during the original transaction, when Coca-Cola Femsa materialized its acquisition of 51% of Coca-Cola Bottlers Philippines operations for approximately U.S.$689 million.
16 NEW HOTELS COMING TO GUADALAJARA.
In the following year and a half, the city of Guadalajara has confirmed the opening of 16 new hotels with an investment of approximately U.S.$350 million, which will add at least 2,182 rooms to the 27,000 that the city already has. Among the hotels that will arrive are four new City Express, Aloft Punto Sur, Hyatt Centric, Hotsson, Hotel Pabellón, Courtyard, Índigo Andares, Candlewood, Fiesta Inn, Hilton Garden Inn and Marriott.
BK PARTNERS TO ACQUIRE VILLA MAGNA HOTEL OF MADRID.
Mexico-based investment group BK Partners acquired the iconic Villa Magna Hotel in Madrid for approximately U.S.$240 million through its subsidiary specializing in hotels, RLH properties; making this acquisition one of the largest in the sector.
BILLIONAIRE INVESTMENT FOR THE RIVIERA NAYARIT.
With an investment of approximately U.S.$1.8 billion, Mota-Engil Turismo, Thor Urbana, GFA and Marriot International are preparing a new tourist project on the Riviera Nayarit. The complex will feature five luxury hotels, including a Ritz Carlton Reserve Hotel, and 2,500 residential units.
MEXICO´S NEW ADMINISTRATION SUSPENDS OIL AND CLEAN ENERGY AUCTIONS.
Mexico’s new Federal administration, headed by Andres Manuel Lopez Obrador, has ordered a three-year delay for oil tenders under the major Energy Reform passed by the previous administration. The new Administration has additionally assured that the companies that have been awarded contracts would not be affected as long as the contracts continue to be productive. In addition, the Mexican Energy Ministry also suspended an ongoing clean energy auction without providing additional information.
ENEL GREEN POWER MÉXICO TO BUILD POWER PLANT IN MEXICO.
The Mexican subsidiary of the Italian multinational renewable-energy corporation, Enel Green Power México announced that it will invest approximately U.S.$280 million in the construction of a power plant with a capacity of 244 MW in the Dolores wind farm in the Mexican State of Nuevo Leon.
NESTLÉ MEXICO TO BUILD NEW COFFEE FACTORY IN MEXICO.
Mexico-based subsidiary of the world’s largest food and beverage company, Nestlé, will invest approximately U.S.$154 million in the construction of a new coffee factory in the Mexican State of Veracruz, which will process approximately 20,000 tons of locally sourced green coffee per year.
ENI INCREASES INVESTMENT IN MEXICO.
Eni SpA, Italy-based multinational oil and gas company, will invest a total amount of approximately U.S.$475 million in Mexico as part of its 2019 development plan to extract oil in shallow waters of the Gulf of Mexico. Additionally, Qatar Petroleum announced that it will buy from Eni stakes in three offshore oil blocks in Mexico.
THE MEXICAN MINIMUM WAGE IS INCREASED.
The Mexican Federal government announced that the minimum wage will increase in 2019 to MxP102.68 pesos per day, a proposal which meets a campaign proposal of the new administration. For the northern border, the minimum wage will increase to MxP176.72 pesos per day.