Nutresa Sets Follow-on Price

Nutresa has set a price for its equity follow-on, it says, planning to raise COP522.5bn ($295m). The Colombian food products company formerly known as Nacional de Chocolates plans to sell 25m shares at COP20,900 each. The order period should open today, according to a company official, and will last 15 days, followed by a 5-day allocation period. During the allocation, existing shareholders will exercise their rights to the new shares, before new investors are issued remaining shares, with 70% going to retail investors and 30% to large institutions. Nutresa is selling shares to raise funds for expansion and to increase its liquidity. Bolsa y Renta is managing the sale. Nutresa closed at COP23,880 Thursday, indicating a 12.5% discount for the new shares.