Modernization Process

In line with its modernization process starting in 2018, César Iglesias S. A. has finished a revaluation process which sets equity of the company at RD$13,092mm from RD$4,000mm. This revaluation was followed by a buyback operation of 30% of outstanding shares previously held by Perla del Adriático S. A. after the revalorization of assets, resulting in a stronger financial and equity structure for César Iglesias S. A. The process was accompanied by Citibank, with the objective to update the financial statements to a more actual situation, thus paving way for the César Iglesias S. A. future projects headed by its President of the Board, César Norberto Armenteros and its Executive President Miguel Feris Chalas.