Colombia's Grupo SURA says shareholders approve search for strategic partner

  • 11/26/2021
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BOGOTA, Nov 26 (Reuters) - 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 (SIS.CN), which is made up of insurer Suramericana and pension fund manager Sura Asset Manager, also owns 20% to 50% stakes in Bancolombia (BIC.CN), investor Grupo Argos (ARG.CN) and processed food company Grupo Nutresa (NCH.CN)."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.

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