US$30 million registered public offering of Verdemar Investment Corporation's cumulative preferred shares

Arias, Fábrega & Fábrega acted as transaction counsel to Banco General in connection with the US$30 million registered public offering on the Panamanian Stock Exchange of Verdemar Investment Corporation's cumulative preferred shares owned by Grupo Verdeazul, S.A., acquired in exchange for a spin-off of a portfolio of Grupo Verdeazul's real estate assets.

First time that the registration and offering of the preferred shares has been made by an entity that had previously acquired the preferred shares and not directly by the issuer of the preferred shares.

Grupo Verdeazul, S.A., one of Panama's largest real estate developers, spun off a portfolio of its real estate assets to Verdemar Investment Corporation, S.A., which in exchange issued 30,000 cumulative preferred shares to be registered and publicly offered by Grupo Verdeazul through the Panamanian Stock Exchange.