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    GRUPOARGOS   COT09PA00035

GRUPO ARGOS S.A.

(GRUPOARGOS)
  Report
End-of-day quote Bolsa De Valores De Colombia  -  2022-06-30
15600.00 COP   +3.59%
06/28GRUPO ARGOS S.A. : Ex-dividend day for quarterly dividend
FA
05/20Gilinski launches offer for up to 32.5% of Grupo Argos shares
RE
05/16Third Gilinski offer for Nutresa shares declared void
RE
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Colombia's Grupo Argos will not participate in Grupo SURA purchase offer

01/06/2022 | 02:44pm EDT
FILE PHOTO: The logo of Grupo Argos is seen in Medellin

BOGOTA (Reuters) - Colombian industrial conglomerate Grupo Argos will not take part in an offer from Grupo Gilinski to buy 31.68% of shares of investment heavyweight Grupo SURA, it said in a statement on Thursday, saying the proposal undervalues the company.

Argos and SURA, along with a host of other Colombian entities, form part of the Andean country's largest conglomerate, Grupo Empresarial Antioqueno (GEA).

Many of GEA's more than 100 companies own significant stakes in one another which, until recently, helped protect the conglomerate's assets from hostile takeovers.

Argos said in a statement on Thursday Grupo Gilinski's offer price of $8.01 for each SURA share - which would make the transaction worth over $1 billion - is "considerably inferior" to the fundamental value of the company.

"The price ... does not recognize the fundamental value of its operating companies nor that of its portfolio of investments," Argos said, citing a study by JP Morgan.

Argos will take actions to maximize shareholder value in Grupo SURA and close the gap between its fundamental value and that which is reflected in the market, it said.

Measures will include supporting SURA disclose its value, such as by forming partnerships or listing on international stock markets, as well as boosting profitability, Argos said.

Grupo Gilinski launched a public acquisition offer for up to 62.625% of shares in Nutresa - another GEA company - in a bid worth some $2.2 billion in November, with the backing of Abu Dhabi's Royal Group.

Just weeks later, Grupo Gilinksi shocked the market again by making its move on SURA, the jewel in the GEA's crown. SURA owns 20% to 50% stakes in many of the conglomerates' other companies.

(Reporting by Oliver Griffin; Editing by Alexandra Hudson)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GRUPO ARGOS S.A. 3.59% 15600 End-of-day quote.15.13%
ROYAL GROUP CO.,LTD. 0.00% 6.16 End-of-day quote.40.00%
All news about GRUPO ARGOS S.A.
06/28GRUPO ARGOS S.A. : Ex-dividend day for quarterly dividend
FA
05/20Gilinski launches offer for up to 32.5% of Grupo Argos shares
RE
05/16Third Gilinski offer for Nutresa shares declared void
RE
05/16TRANSCRIPT : Grupo Argos S.A., Q1 2022 Earnings Call, May 16, 2022
CI
05/12Grupo Argos S.A. Reports Earnings Results for the First Quarter Ended March 31, 2022
CI
04/25Gilinski acquires another 3% of SURA in third public offer
RE
04/21Grupo Argos will not participate in public offer for SURA, Nutresa share
RE
03/30GRUPO ARGOS S.A. : Ex-dividend day for quarterly dividend
FA
03/20GRUPO ARGOS S.A.(BVC : GRUPOARGOS) dropped from FTSE All-World Index
CI
02/28Gilinski becomes top shareholder in SURA after acquisition offer
RE
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Financials
Sales 2022 16 829 B 4 011 M 4 011 M
Net income 2022 918 B 219 M 219 M
Net Debt 2022 15 374 B 3 664 M 3 664 M
P/E ratio 2022 14,6x
Yield 2022 2,93%
Capitalization 11 767 B 2 805 M 2 805 M
EV / Sales 2022 1,61x
EV / Sales 2023 1,56x
Nbr of Employees 12 852
Free-Float 48,8%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 15 600,00 COP
Average target price 14 433,33 COP
Spread / Average Target -7,48%
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Managers and Directors
Jorge Mario Velasquez Jaramillo President & Chief Executive Officer
Alejandro Piedrahíta Borrero Vice President-Strategy & Finance
Rosario Cordoba Garces Chairman
Ana Cristina Arango Uribe Independent Non-Executive Director
Armando Montenegro Trujillo Independent Non-Executive Director
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