Credicomer, Savings and Loan Company is a new issuer on the Salvadoran Stock Exchange (BVES). This week it made its first release totaling $2 million, reported ElSalvador.com.
This issue is part of the Papel Bursátil program, which will total $20 million. Credicomer will use the funds for growth in the area of micro, small and medium enterprises in El Salvador.
"Diversification and the financing conditions that we will get through the issue at the exchange is a fundamental pillar in the development strategy and strengthening of Credicomer, ensuring access to an efficient source of working capital will enable us to strengthen and expand our operations in the short and medium term," said Roger M. Avilez, vice president of Credicomer.
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The growth in turnover for 2011 is the result of investment incentive strategies in the stock market and the operation of new mechanisms such as trusts.
An article in Laprensagrafica.com reports that "In 2011, $3.555 billion was traded on the BVES compared to the previous year when a total of $2.59 billion was traded.
Stock exchanges strengthen capital markets and encourage countries' financial and economic development.
Daniel Choto, writing for Elsalvador.com, reports statements from the general manager of the Salvadoran stock exchange (BVES in Spanish), Javier Mayora, as well as from its president Rolando Duarte.
The company started operations on April 27 and has projections for opening eight agencies around country.
It was given operating authority on March 25 by the Superintendent of the Financial System (SSF).
Journalist German Rivas wrote for Laprensagrafica.com, "It was constituted with capital of $6.5 million and it has a paid capital of $4.7 million to date, $1.2 million more than is required by law.
The total amount traded on the Panamanian Stock Exchange (BVP in Spanish) at the end of 2011 was $3.365 million, 27.5% more than in 2010.
A statement from the BVP said that the total amount traded was $1,377 million in releases of corporate bonds and $1,243 million in state certificates.