Suramericana Plans Capital Raise

Colombia’s Grupo Suramericana has approved the issue of up to 130m new shares but whether a public offering is on the cards remains unclear. Suramericana officials have said publicly this year that the group plans to expand its holdings in Colombia and abroad. The conglomerate owns minority positions in Colombian companies including Bancolombia, cement maker Argos and food products company Nutresa, as well as controlling stakes in insurance and social security provider Suramericana and the Proteccion AFP pension fund. It made its USD bond debut in May, with a $300m 2021 through Bank of America Merrill Lynch and JPMorgan. Its stock closed at COP38,300 Tuesday.