By Noe Torres and Alexandra Alper
MEXICO CITY (Reuters) - Mexican retail brand manager Grupo Axo and real estate investment trust Fibra Resort have frozen their initial public offerings until 2017 due to uncertainty over what Donald Trump's U.S. election win means for the economy, people familiar with the matter said on Wednesday.
Mexico's financial markets have been shaken by the rise of Trump, who has threatened to pull the United States out of a joint trade deal with Mexico, block remittances and force it to pay for a planned border wall between the two countries.
Doubts about the economic outlook for Mexico after Trump became U.S. president-elect led Jose Cuervo, the world's biggest tequila producer, to postpone plans to list shares until next year, Reuters reported on Wednesday.
Grupo Axo and Fibra Resort both began preparing an initial public offering (IPO) and promoting them among potential investors in the last few weeks, two people familiar with the matter said, speaking on condition of anonymity.
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However, pending greater clarity about what policies Trump will pursue when he takes office on Jan. 20, the Mexican firms have delayed their IPOs until next year, the two people added.
Representatives for the two companies could not immediately be reached for comment.
Grupo Axo, which markets international brands including Tommy Hilfiger and Emporio Armani in Mexico, planned to raise 2 billion pesos ($96.67 million) in a December IPO, people familiar with the matter told Reuters last month.
Partially owned by restaurant operator Alsea
Fibra Resort, which owns five hotels in Mexico's top beach tourist destinations, has not yet released details of its IPO, which it also announced in October.
($1 = 20.6880 Mexican pesos)
(Additional reporting by Roberto Aguilar; Editing by Dave Graham and Lisa Shumaker)
Disclaimer: No Business Standard Journalist was involved in creation of this content
