This June 27 the board of directors of Grupo Argos will comply with the terms of the Framework Agreement by which «its participation in the food business of Grupo Nutresa will be divested.»

The company reported that the operation would consist of «for each share in Grupo Nutresa, Grupo Argos will receive 0.96 shares of Grupo Sura and 0.28 shares of Grupo Argos.»

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The decision is made taking into account «the strategic and financial studies presented by JP Morgan and the legal analyzes of Skadden, PPU and Londoño & Arango».

«The operation is convenient for the company and for all its shareholders, since it allows materializing the total divestment of the food business of Grupo Nutresa in favor of IHC Capital Holding, Nugil and JGDB Holdingin exchange for a direct and indirect participation in Grupo Sura and Grupo Argos, in favorable terms of exchange, without being subject to pro-rata risks,» Argos said.

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And, I said that «The operation is consistent with the strategic vision outlined by the Board of Directors and the administration of Grupo Argos and it has been structured in a way that allows the company to continue with the development of its strategic and business plan in the infrastructure sector.»

Thus, in general terms, «Grupo Argos will deliver 9.9 percent of Grupo Nutresa’s food business and will have the right to receive and increase in a participation of the order of an additional 30 percent in Grupo Sura».

Furthermore, it is made clear that «the participation in this company that it will receive as a result of the operation will be transferred to a mercantile trust that it will retain economic rights with an irrevocable instruction not to exercise political rights. While said trust lasts, within a maximum period of three years, Grupo Argos will make decisions about its participation in Grupo Sura that are consistent with its specialization in the infrastructure business.»

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Grupo Argos emphasizes that the fact of closing the operation implies that the unleashed business controversies would be resolveds in the midst of the takeover bids held in November 2021.

besides, the commission appointed by the board of directors used to promote the share repurchase program through the transactional systems of the Colombian Stock Exchange. This, after it was temporarily suspended while progress was made in the procedures for the corporate approvals of the Framework Agreement.

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