Financial conglomerate Grupo SURA said shareholders had authorized its directors to seek a strategic partner to take a non-controlling stake in Colombia’s largest holding company.
Grupo SURA, which is made up of insurer Suramericana and pension fund manager Sura Asset Manager, also owns 20% to 50% stakes in Bancolombia, investor Grupo Argos and processed food company Grupo Nutresa.
“The board of directors of the company … authorized the board to hire the required advisors – investment banking, legal advice, among others – so that the search process for possible strategic partners interested in having a non-controlling stake in Grupo SURA can continue,” Grupo SURA said in a statement to Colombia’s financial regulator late on Thursday.
Grupo SURA’s net profit in the first nine months of 2021 hit 1.1 trillion pesos ($302 million), while the company recorded consolidated income of 18.3 trillion pesos.
In August the company hiked its income forecast for this year by close to 15%, more than first estimated, due to the better performances of the companies it has holdings in.
The announcement from Grupo SURA comes after Nutresa received an offer for a majority stake from Nugil SAS, which is controlled by financial conglomerate Grupo Gilinski.
Nugil wants to buy between 50.1% and 62.625% of Nutresa’s shares at a price of $7.71 per share, valuing the deal at between $1.78 billion and $2.22 billion.
Source: Reuters.com