Thursday was a day marked by news from what was known as Grupo Empresarial Antioqueño. On the one hand, the uncertainty is over and it was learned that Ricardo Jaramillo will be the one who takes over as president of Grupo Sura; and on the other, the last exchange of shares for the uncasting was carried out.
Against this, in summary, the exchange resulted in Grupo Nutresa was left with a 99.38% stake in the hands of Jgdb Holding (45.95%), Nugil (38.60%), Graystone Holdings (12.38%), and IHC Capital Holding (2.45%).. The remaining (0.62%) is part of other shareholders.
And, for its part, Sociedad Portafolio was left with a distributed participation between PA Acciones SP with 35.28%, Grupo Sura with 24.71%, Grupo Argos with 16.65% and other shareholders with 23.36%.
Although this was a key step to terminate the agreement, there is still a way to go, since according to Diego Palencia, VP of research at Solidus Capital, “this is just the beginning.”
And, an important step that remains on the list, according to Yovanny Conde, co-founder of Finxard, is “the liquidation of Sociedad Portafolio”, which consists of “for each share of Sociedad Portafolio, each shareholder will receive 0.14 shares of Grupo Sura and 0.18 ordinary shares of Grupo Argos”.
Now, while this is an important step, as far as each company is concerned there are also some challenges. According to Palencia, “To date there has only been one share swap with Grupo Nutresa due to a shareholder agreement in Madridbut the capital structure process has not yet been defined, where Argos focuses on its sector, and Grupo Sura is positioned as the new jewel in the crown.”
Regarding Sura there is something important, and that is that “The entire market is waiting for the restructuring of Grupo Sura, which will take into account its EPS and the entire conglomeratefinancial, patrimonial, banking, stock market and insurance,” said Palencia.
Said restructuring requires “billions of dollars of investment, which is why, financially, It sounds like a great white knight will accompany the organization in the process to reprofile debt and equity”Palencia concluded.
Overall, after Thursday’s exchange, Each of the companies will seek to release the shares they have in the other companies and focus on their business.
Juan Pablo Vieira, CEO and founder of JP Tactical Trading, pointed out that companies have shown interest in further strengthening businesses in other countries, “So they are not interested in being so exposed here at the local level, because they no longer have anything to protect, before they had a lot to protect and castling and everything, but they no longer have anything to protect.”.
At the same time, he highlighted that “Grupo Argos is now the controlling party of Grupo Sura, but they agreed not to exercise control over Grupo Sura, that is, they will exercise it as if they had only 49% of Grupo Sura shares. with the right to vote, and for now what they are looking for is the independence of each company and to divest from each of the companies.”
