The Colombia Stock Exchange (BVC) authorized the liquidity builder program for Grupo Sura’s common and preferred shares.
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This program will have an initial duration of 12 months starting on October 11, 2024 and will be operated by the stock brokerage firm Valores Bancolombia, which will act as a liquidity generator with the purpose of generating better price formation of the securities and of that way to seek greater acceptance from national and foreign investors.
With the launch of this program, Grupo Sura hopes to contribute to the improvement of price formation conditions, the increase in the liquidity and depth of both securities and the reduction of their volatility in the market.
Through a statement sent to the market, The BVC established that the differential between the best sale offer of the liquidity former and the best purchase offer of the liquidity builder may not be higher than $540, as of 2024.
On the other hand, he stated that the minimum amount of the sales order will be 66,000 UVR (that is, $24.8 million) and the minimum amount of the purchase order will be the same amount.
“The liquidity creator must permanently and simultaneously maintain at least one buy order and one sell order throughout the open market session on the security on which he acts as liquidity creator.”noted the BVC.
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Sura Group.
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The process with the Preferential Share
Regarding the preferred share, it was specified that the differential between the best sale offer of the liquidity builder and the best purchase offer from the liquidity builder It cannot be more than $180.
In this case, the minimum amount of the sales order, as well as the purchase order, will be 66,000 UVR ($24.8 million).
“As indicated in the BVC Single Circular, the liquidity creator must comply with the conditions or technical criteria of the program in at least 80% of the measurements carried out during the month”.
It must be remembered that a month ago Grupo Sura, at the extraordinary meeting of the Shareholders’ Assembly, several decisions were adopted with the objective of continuing to strengthen corporate governance and guarantee equitable treatment of all shareholders.
The company reformed several articles of the Bylaws and included two new ones to the company.
Article 26 establishes a procedure for electing members of the Board of Directors; while article 50 talks about the obligation to match the price in all acquisitions of the Company’s common shares through successive OPAs (Public Acquisition Offers).
The latter establishes the obligation to pay all its shareholders who request it, “the highest price that the offeror has paid in any of several successive takeover bids to acquire ordinary shares of the company, in a period of 36 months. The foregoing, in order to protect the rights of the shareholders who have sold their ordinary shares during said period, guaranteeing equitable treatment to the company’s shareholders.
It must be remembered that Nutresa and Grupo Sura were subject to successive takeover bids and at staggered prices by the Gilinski Group since the end of November 2021. The process ended after an agreement in which The Antioqueño Business Group delivered the shares of Nutresa and Gilinski the part he managed to buy from Grupo Sura.
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HOLMAN RODRÍGUEZ MARTÍNEZ
Portfolio
