Judgment

On July 11, 2025, the Eighth Civil Court of Guatemala issued a final judgment rejecting Villamorey, S.A.’s attempt to declare prescribed the dividends owed to its minority shareholder, Lisa, S.A. Villamorey argued that more than five years had elapsed since dividend payments approved in 2010 and 2011 became due, and therefore the obligation had extinguished. However, the court found that Villamorey failed to present adequate proof establishing when the obligation became legally enforceable, a requirement under Guatemalan civil law for prescription to apply.

The court also considered Lisa, S.A.’s counter-arguments, including the long-standing pattern of obstruction by Villamorey and related Avícola companies, which have withheld dividends for over two decades and imposed multiple embargoes preventing Lisa, S.A. from exercising its shareholder rights. While the court ultimately rejected both parties’ procedural exceptions, it concluded that Villamorey did not meet its burden of proof. As a result, the prescriptive action fails, and the dividend obligation remains in force.