What a fantastic way to encourage foreign investment in your country.
It appears as though the same thing has happened with Argentine land name IRSA (IRS), which is 64% owned by Cresud. IRSA was to pay a $0.648 dividend that went ex in late November.
IRS data by YCharts
Don't get me wrong, I still believe that Cresud, with its 1.6 million acres of farmland, an incredible 2,500 square miles, its 64% stake in IRSA and other assets, is a potentially valuable name.
Unfortunately, there's just too much risk in Argentina, and too much control from a government that is unfriendly to business and foreign investment. First, it took control of the oil and gas industry, then price controls, now dividend interruption. What's next?At the time of publication the author had no position in any of the stocks mentioned. Follow @JonMHellerCFA This article was written by an independent contributor, separate from TheStreet's regular news coverage.
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