After having gone through a tough time over the course of the past week, the IRSA Propiedades Comerciales S A (NASDAQ:IRCP) stock managed to make a bit of a comeback yesterday as it ended the day with gains of 5%.
However, at the same time, it is necessary to note that the stock is still down by 10% over the past week. IRSA Propiedades Comerciales is the biggest commercial real estate company in Argentina and last week it announced that its board of directors had given the approval with regards to the commencement of the reorganisation process.
This particular reorganisation process is going to involve the absorption of IRSA Propiedades Comerciales S A into IRSA Inversiones y Representaciones SA in accordance with a range of local laws and regulations.
However, in this particular context, it is also necessary for investors to keep in mind that the board of directors also approved some other provisions. One of those was the approval of the special merger as well as individual financial statement for the period that ended on June 30, 2021. In addition to that, the effective date of the reorganisation had also been set at July 1, 2021.
