CAP unit Cintac approves delisting

Shareholders of steel distributor Cintac approved requesting the cancellation of the company's registration on the securities registry, transitioning it into a closely held corporation. Chilean mining and steel group CAP, which holds a 77.87% controlling stake, had proposed the measure earlier in September.

Cintac stated that operating as a public company costs at least 1 million dollars each year, and noted it has had fewer than 2,000 shareholders over the past twelve months. Cintac CEO Vicente Smith said the move aims to create a simpler, more flexible structure to focus resources on operations and financial recovery across industrial and modular units. Cintac must now file the cancellation request with Chile's Financial Market Commission, remaining public until the process concludes.

For the first half of 2026, Cintac reported consolidated revenue of 176 million dollars, up 2.7% from the prior-year period. However, first-half net losses widened to 19 million dollars, compared to an 8 million dollar loss reported a year earlier. Cintac currently relies on a 30 million dollar credit line provided by CAP, alongside non-core asset sales in Chile and Peru.

To facilitate the exit of minority holders without straining Cintac's balance sheet, CAP directly offered two alternatives alongside statutory withdrawal rights. First, CAP instructed BTG Pactual Chile to execute a buying order on the Santiago Stock Exchange for up to 126,771,573 Cintac shares at 62.75 Chilean pesos per share. Second, CAP offered a put option for eligible remaining shares, paired with a call option allowing CAP to acquire those shares at 80 Chilean pesos each, representing an approximate 70% premium over the closing price on Monday, September 21.