Colombia: Grupo Argos and finance conglomerate Grupo Sura have signed a spin-off agreement to dispose of their cross-shareholdings. This includes Grupo Argos subsidiary Cementos Argos’ stake in Grupo Sura. Grupo Argos will continue to focus on building materials and allied sectors.
President Jorge Mario Velásquez of Grupo Argos said “The cross-shareholding structure has far exceeded its objective: Grupo Argos consolidated its presence across the Americas, achieving compound annual growth of 21% in shareholder equity over the past 46 years and positioning Cementos Argos, utilities provider Celsia and construction firm Odinsa as regional leaders in their sectors. The simplification of the shareholding structure and portfolio will become another significant milestone in the disclosure and transfer of value to all Grupo Argos shareholders.”
