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    GRUPOARGOS   COT09PA00035

GRUPO ARGOS S.A.

(GRUPOARGOS)
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End-of-day quote Bolsa De Valores De Colombia  -  2022-08-17
11400.00 COP   +0.71%
08/16TRANSCRIPT : Grupo Argos S.A., Q2 2022 Earnings Call, Aug 16, 2022
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Gilinski acquires another 3% of SURA in third public offer

04/25/2022 | 08:05pm EDT
FILE PHOTO: The Grupo Sura logo can be seen at its headquarters in Medellin

BOGOTA (Reuters) - Colombian business magnate Jaime Gilinski acquired an additional 3% of shares of investment holding company Grupo SURA in a third public acquisition offer, the stock exchange and analysts said on Monday, giving him another seat on its board.

Gilinski, one of Colombia's richest men, has already become the company's largest shareholder amid a series of offers which have shaken up the country's largest conglomerate, Grupo Empresarial Antioqueno (GEA), of which SURA, along with industrial conglomerate Grupo Argos and food producer Nutresa are members.

Gilinski has asked Grupo SURA president Gonzalo Restrepo to hold an extraordinary meeting of shareholders before May 6 to vote in a new board, according to a letter seen by Reuters.

"In a respectful way I request that the session be called as quickly as possible, and that in no case it be later than May 6, 2022," the letter said.

Both Gilinski and SURA declined to comment.

In the third offer Gilinski acquired 13,966,097 SURA shares at a price of $9.88 per share. According to Reuters calculations he will have spent $138 million on this offer, in addition to $1.24 billion in the two prior.

Though the percentage was lower than the 5.2% to 6.5% he had originally sought, it raises his SURA stake to 34.58%, above that of second shareholder Grupo Argos, which has 27.79%.

The result will give him another seat on the board, where he already controls three, several analysts told Reuters.

"He's in a very good position, with a good participation in the company and surely with Nutresa we will see the same," said analyst Laura Triana at Acciones y Valores brokerage, referring to an ongoing third offer for Nutresa shares by Gilinski.

Gilinski is seeking between 9,6% and 12% of Nutresa at $12.58 a share.

GEA companies have declined to participate in the public offers, saying the values offered by Gilinski are too low.

(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GRUPO ARGOS S.A. 0.71% 11400 End-of-day quote.-15.87%
GRUPO DE INVERSIONES SURAMERICANA S.A. -1.00% 39500 End-of-day quote.31.67%
GRUPO NUTRESA S. A. 2.21% 38330 End-of-day quote.33.83%
All news about GRUPO ARGOS S.A.
08/16TRANSCRIPT : Grupo Argos S.A., Q2 2022 Earnings Call, Aug 16, 2022
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05/20Gilinski launches offer for up to 32.5% of Grupo Argos shares
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Financials
Sales 2022 16 829 B 3 816 M 3 816 M
Net income 2022 918 B 208 M 208 M
Net Debt 2022 15 374 B 3 486 M 3 486 M
P/E ratio 2022 10,6x
Yield 2022 4,00%
Capitalization 8 916 B 2 022 M 2 022 M
EV / Sales 2022 1,44x
EV / Sales 2023 1,39x
Nbr of Employees 12 852
Free-Float 48,8%
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Number of Analysts 3
Last Close Price 11 400,00 COP
Average target price 14 433,33 COP
Spread / Average Target 26,6%
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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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