Grupo Argos strengthens its corporate governance practices

With an 81% representation of Grupo Argos shares, this Wednesday, July 31, in an extraordinary meeting of the Shareholders’ Assembly, the following proposals were approved:

• To make a change in the allocation of the company’s reserves for the repurchase of shares, considering that, given the liquidation of Sociedad Portafolio S.A., Grupo Argos will receive its own shares that should be treated as repurchased.
• To introduce two articles in the Social Statutes aimed at ensuring that shareholders are treated equally and have exit options at appropriate prices in case a public tender offer (OPA) is made for the company’s common shares. The reform establishes a right for shareholders to receive an OPA for 100% of the voting shares, so they are not prorated and at an appropriate price, when the same beneficial owner acquires 20% or more of the common shares. Additionally, it establishes the right to equalize the price for shareholders who sell their shares in an OPA if, within 12 months, the same beneficial owner makes another OPA at a higher price.
• To modify the Policy on Appointment, Remuneration, and Succession of the Board of Directors to align its provisions with the approved Social Statutes.