Gilinski acquires another 3% of SURA in third public offer

The Grupo Sura emblem could be seen at its headquarters in Medellin, Colombia February 27, 2018. REUTERS/Fredy Builes

BOGOTA, April 25 (Reuters) – Colombian enterprise magnate Jaime Gilinski acquired a further 3% of shares of funding holding firm Grupo SURA (SIS.CN) in a 3rd public acquisition provide, the inventory change and analysts stated on Monday, giving him one other seat on its board.

Gilinski, one among Colombia’s richest males, has already grow to be the corporate’s largest shareholder amid a collection of gives which have shaken up the nation’s largest conglomerate, Grupo Empresarial Antioqueno (GEA), of which SURA, together with industrial conglomerate Grupo Argos and meals producer Nutresa are members.

Gilinski has requested Grupo SURA president Gonzalo Restrepo to carry a rare assembly of shareholders earlier than Might 6 to vote in a brand new board, in line with a letter seen by Reuters.

“In a respectful method I request that the session be referred to as as rapidly as doable, and that in no case it’s later than Might 6, 2022,” the letter stated.

Each Gilinski and SURA declined to remark.

Within the third provide Gilinski acquired 13,966,097 SURA shares at a value of $9.88 per share. In response to Reuters calculations he may have spent $138 million on this provide, along with $1.24 billion within the two prior.

Although the share was decrease than the 5.2% to six.5% he had initially sought, it raises his SURA stake to 34.58%, above that of second shareholder Grupo Argos, which has 27.79%.

The consequence will give him one other seat on the board, the place he already controls three, a number of analysts advised Reuters.

“He is in an excellent place, with a superb participation within the firm and certainly with Nutresa we’ll see the identical,” stated analyst Laura Triana at Acciones y Valores brokerage, referring to an ongoing third provide for Nutresa shares by Gilinski.

Gilinski is searching for between 9,6% and 12% of Nutresa at $12.58 a share.

GEA corporations have declined to take part within the public gives, saying the values supplied by Gilinski are too low.

Reporting by Nelson Bocanegra
Writing by Julia Symmes Cobb

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