The transaction enables a simpler share structure, in line with global market trends.
Grupo Argos and Grupo Sura signed a spin-off agreement to advance an operation that will result in two independent companies, without cross-holdings, and with specialized investments in their respective sectors, complying with the Memorandum of Understanding reported to the market on October 25.
In a statement, Grupo Sura indicated that this announcement marks the beginning of a new stage after 46 years of reciprocal shareholdings with Grupo Argos, "a structure that favored the growth and expansion of the companies in our portfolio in Colombia and Latin America."
“After a period of consolidation and growth, driven by a structure that brought multiple benefits to our Company and society, we are taking a fundamental step that projects us into the future. We are grateful for the lessons we have learned so far and we recognize this moment as an opportunity to enhance them in the future. With this operation we mark a milestone in our evolution as a Company,” said Ricardo Jaramillo Mejía, president of Grupo Sura.
The operation consists of reciprocal spin-offs that will allow each Grupo Sura shareholder to maintain their current investment and receive a stake in Grupo Argos (leader in the cement business), preserving the economic value and with direct participation in both companies.
Each shareholder will retain the rights they had before the transaction, receiving the same type of shares they currently own.
Another benefit of this process is that it will be executed substantially simultaneously, ensuring simplicity and transparency for all parties.
At the end of the process, each Grupo Sura shareholder will retain their current shares and for each one, they will receive 0.72 Grupo Argos shares, thus preserving the initial economic value, now represented in direct shares in the two companies.
"The proposed and structured transaction with Grupo Argos guarantees the best interest and equitable treatment of all shareholders, while positioning Grupo Sura and Grupo Argos as companies with greater liquidity potential. All of the above generates a virtuous circle that benefits shareholders, companies and the market," Sura said.
With this operation, Grupo Sura is also advancing its specialization in the financial sector based on a portfolio with three main investments: Suramericana, Sura Asset Management and Bancolombia.
