Grupo SURA says shareholders agree to search for strategic partner

Grupo SURA says shareholders agree to search for strategic partner ...

Holdings a non-controlling stake in Colombia's largest holding company, Grupo SURA says shareholders have approved the decision of its directors to seek a strategic partner.

Grupo SURA, which's made up of insurer Suramericana and Pension Fund manager Sura Asset Manager, owns a half-proportional stake in Bancolombia, investor Grupo Argos and processed food company Grupo Nutresa.

"The board of directors of the company allowed the board to hire the necessary experts, such as investment banking and legal advice, so the search process can continue," said Grupo SURA, in a statement dated Thursday.

The company recorded consolidated income of 18.3 trillion pesos, while Groupo SURA's net profit over the first nine months of 2021 saw 1.3 billion pesos ($302 million) for the Company.

The company rose its income forecast for the year, a second half of its forecast, by nearly 15%, more than it first thought that due to the better performance of the companies it has held in, the company increased its earnings forecast in August.

Grupo SURA announced the announcement, but that nutresa received the a majority stake offer from Nugil SAS, which is owned by the financial conglomerate Grupo Gilinski.

The deal is valued at between $1.78 and $2.22 billion. Nugil wants to purchase between 50.1% and 62.625% of Nutresa's shares at a price of $7.71 per share.

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