Shares of BAC Holding International, which emerged after the split of Banco de Bogotá and Leasing Bogotá SA Panama (LBP), were expected to reach the Colombian Stock Exchange (BVC) today. However, without initial listing, it was suspended due to such a tender offer to the Financial Inspectorate of Colombia (SFC).
The still unknown bidder is seeking 5% to 15% of this issuer’s current shares. Each title will be canceled at $293. Exchange-traded papers were expected to be ordinary, with a reference price of $291 each, a face value of $263.9, and an equity value of $306.5.
On March 16, Grupo Aval and Banco de Bogotá asked the Colombian Stock Exchange (BVC) to suspend their shares. The decision was based on the need to improve the aforementioned division process.
In this context, BVC has issued operating instructions, a document in which the process proceeds as follows: first, the separation between Banco de Bogotá and the Bogotá Beneficiary Company came into effect, and in parallel, the separation between Grupo Aval and Sociedad Beneficiaria Aval took place. After these actions were concluded, the merger of BAC Holding International Corp, hereinafter referred to as “BHI”, and the beneficiary companies Bogotá and Aval would take place.
When the Exchange and Deceval receive the commercial register of the public deed formalizing the division of BanBogotá, the shareholders will be entitled to one ordinary share in the Bogotá Beneficiary Company. A similar event will occur at Grupo Aval.
BVC will continue BVC, taking into account that the reference price of the shares of the split companies has been communicated by the issuer and has been reduced according to the initial price and the number of company shares has not changed. to adjust the price of the shares,” the document concludes.
After the transaction, the shareholders of Banco de Bogotá and Grupo Aval will directly own 75% of Leasing Bogotá Panamá (LBP), while Banco de Bogotá will own 25% and LBP will continue to own the full stake. BAC Credomatic.
Sharon Vargas, market analyst at Itaú Comisionista de Bolsa, assured that they are in the final stages of this transaction. In the final call for results, they said they hope to complete the process by the end of this month, so they are making preemptive requests to avoid any speculation about the species.
“The intention of the economic conglomerate is to remove the volatility that the exchange rate brings to the consolidated results of Grupo Aval and Banco de Bogotá, if reference is made to Central American currencies. For owners, it did not make sense for the financial institution to have a subsidiary of the same size as the bank, so this The change will represent greater efficiency in corporate results,” Vargas said.
Source: Lare Publica
