In a important business adn stock market maneuver, the Argos Group and sura Group have finalized a new shareholding composition, with pension funds now holding the majority stake in both conglomerates. Analysts have largely viewed this restructuring as a positive progress.
Yovanny Conde, co-founder of Finxard, explained, “The shareholding structure of Grupo Argos and Grupo Sura was reorganized, becoming much clearer. Now, AFPs are the main shareholders of each company.”
Within the Argos Group, the top shareholders are Protection (10.84%), Porvenir (9.12%), and the Ishares MSCI Colcap stock fund (6.07%). amalfi Sas (5.71%) and Colfondos (3.24%) complete the top five.
The Sura Group‘s shareholder structure is led by Protection (11.5%), ISHARES MSCI COLCAP (6.2%), and Porvenir (6%). The Grupo Argos Foundation (3.4%) and Colfondos (3%) round out the top five.
It’s crucial to note that these initial compositions reflect the moderate funds managed by each AFP. However, Conde cautioned that legal restrictions prevent these companies from holding more than a 10% stake in any single company.
“As the sum of the funds administered by some AFPs exceeds that limit, they will be obliged to reduce their participation,” Conde stated. “Although this situation has no precedent, it is likely that both the AFPs, the Superfinanciera, and the companies involved have already contemplated this scenario and may have even defined a solution that benefits all parties.”
What’s Next After the Split?
Juan Pablo Vieira, CEO of JP Tactical Trading, commented on the post-operation strategy. Grupo Sura is expected to concentrate on its role as a financial services holding company, similar to entities like South American or Sura Asset Management.
Meanwhile, the Argos Group will maintain its focus on infrastructure, encompassing cement, energy, and concessions. “A new company called Grupo Argos Inversiones SAS was split off, to which the Nutresa and Grupo Sura Group and Grupo [Argos] were transferred. Grupo Argos shareholders also received shares in the new company in equivalent proportion,” Vieira added.
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