07:42 AM
Company Portfolioa company with $3.32 billion in assets and which served as a vehicle for the exchange of shares between the Antioquia Business Group (GEA) and the Gilinski Group, will finally be settled todayafter this was decided in an extraordinary meeting of shareholders on May 9, 2024, in which the term of the company was approved, which expired yesterday.
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With this, according to analysts, the final closing of the successful hostile takeover of Nutresa takes place by the Gilinskis.
Thus, the terms of the liquidation, which also includes the delisting of the Portfolio Company’s share, which closed yesterday with a price of $6,900.00 and fell 2.68%, will be distributed to the shareholders as follows.
“For each share of the Company, 0.1355 shares of Grupo de Inversiones Suramericana SA and 0.1798 shares of Grupo Argos SA will be delivered. The fractions of shares resulting from the application of the aforementioned proportions will be paid in money,” the Portfolio Company noted in a statement.
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Regarding what is coming for GEA, after the closing of this new chapter, Diego Palencia, VP of research and strategy at Solidus Capital Banca, said that it must begin the transformation of its shareholding.
“These transformation processes require billions of dollars and they must be supported by white knights: otherwise they face high probabilities of new hostile attacks,” he indicated.
This is how it reaches settlement
To be clear about this process, it is key to understand how the Society was formed. After the last exchange that took place at the end of April, Sociedad Portafolio was left with a participation distributed between PA Acciones SP with 35.28%, Grupo Sura, with 24.71%, Grupo Argos, with 16.65% and other shareholders with 23.36%.
Then, the Company’s shareholders will receive shares of Grupo Sura and Grupo Argos, and will be able to trade them in the market.
