MEXICO CITY, June 27 (Reuters) - The Latin American Integrated Market, or MILA, which comprises the bourses of Chile, Colombia, Peru and Mexico, plans to start allowing companies to pursue initial public offerings in other member nation’s stock markets, Mexico’s finance minister said on Saturday.
Speaking alongside the finance ministers of Peru, Colombia and Chile after a Pacific Alliance economic bloc meeting in Mexico City, Luis Videgaray said the measures to broaden the scope of MILA would begin to be put into place in the coming months.
“The initial public offerings will be able to be undertaken by companies from the four countries of the alliance, in any of the stock markets of the four countries,” he said at a news conference.
Videgaray also announced measures to update and unify existing treaties between the four member countries to avoid double taxation.
MILA was formed in 2011 to boost market liquidity within the Pacific Alliance trade grouping, and the tie-up aims to create more business for financial markets in the region.
In January this year, Mexican bourse officials said MILA planned to include debt instruments in 2016 and indexes for sectors such as mining and energy.
Mexico’s stock exchange carried out its first operation as a member of the Latin American Integrated Market in December last year.
The Pacific Alliance, created in 2012, is an economic bloc that includes MILA’s members and represents about 35 percent of Latin America’s gross domestic product.
Reporting by Gabriel Stargardter and Tomas Sarmiento; Editing by Steve Orlofsky