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In 2023, 45% of Grupo Argos' revenue came from 20 countries and territories outside of Colombia
22 July 2024In 2023, 45% of Grupo Argos' revenue came from 20 countries and territories outside of Colombia
Read moreDuring 2022, Grupo Argos’ companies reported extraordinary results that reaffirm the structural strength of the organization and its ability to generate value. However, the current trading price of the company’s shares on the Colombian Stock Exchange is far from the value of Grupo Argos. While EBITDA has tripled over the last decade, its market capitalization has fallen almost in half.
The Board of Directors of Grupo Argos authorized the start of the share buyback program that was approved at the ordinary shareholders’ meeting in 2020, as reported at the time through the relevant information mechanism, and agreed to propose a new buyback program at the 2023 ordinary shareholders’ meeting for an amount of up to COP 500 billion in order to continue the current program that expires in March. The combined amount of the Argos Business Group’s repurchase proposals, including the projects announced by Cementos Argos (COP 250 billion) and Celsia (COP 300 billion), could exceed COP 1 trillion.
“With these repurchase initiatives, we seek to reaffirm confidence in the business plan and strategy being executed by Grupo Argos and its companies.” Jorge Mario Velásquez – President of Grupo Argos.
Current share repurchase program.
The regulation approved by the Board of Directors of Grupo Argos S.A. to carry out the current share repurchase program has the following characteristics:
It is worth noting that, in accordance with current regulations, the daily maximum repurchase amounts will have a cap that cannot exceed 25% of the average daily trading volume of the share on the Colombian Stock Exchange in the last 90 trading days.
For the purpose of advancing the implementation of the share buyback program, the Board of Directors authorized the management of Grupo Argos S.A. to determine the amount and date of the transactions, as well as to define any other necessary aspect to meet the company’s objectives, and to carry out all necessary acts to complete the share buyback operations.
It is planned that the execution of the current share repurchase program will begin on March 2, 2023, once the end-of-year financial statements have been filed and the necessary procedures have been carried out before the Colombian Stock Exchange, and will conclude on March 26, 2023.
The foregoing definitions were adopted in the best interest of the company and all its shareholders, and the mechanism by which the repurchase will be carried out, as regulated by the Colombian Stock Exchange, ensures equal conditions to all and market transparency
New share acquisition program to be proposed at the 2023 Shareholders’ Meeting.
In addition to the above, at the next ordinary meeting of the Shareholders’ Assembly, scheduled to be held on March 30, a proposal will be included on the agenda to submit to the shareholders the adoption of a new share repurchase program for up to COP $500,000 million.
In 2023, 45% of Grupo Argos' revenue came from 20 countries and territories outside of Colombia
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