4 days ago
Julio Ponce to Exit SQM Holding Companies in Reorganization
Julio Ponce, the former son-in-law of Chile's deceased dictator Augusto Pinochet, announced his departure from the group of cascading holding companies through which he owns a major stake in lithium supplier SQM.
Under a proposal announced in a regulatory filing Thursday, the number of holding companies will be reduced to two from six through a series of corporate actions. Sociedad de Inversiones Oro Blanco, Sociedad de Inversiones Pampa Calichera, Nitratos de Chile, Potasios de Chile and Global Mining will be merged into two companies. As a result, the group would now be composed by two companies: Oro Blanco and Potasios.
