Valorem To Issue New Shares

Colombian holding company Valorem, controlled by Grupo Santo Domingo, is to issue $208 million worth of new shares. Valorem has filed with the country’s securities regulator to issue 1 billion new shares at 473 Colombian pesos per share. Valorem recently agreed the sale of TV Cable to Mexican telco Telmex for an undisclosed sum. It also announced Tuesday it was to sell its 8.4% stake in local airline Aires. The money raised from the share issue will be used to strengthen others investments in its portfolio, according to Dow Jones quoting an executive of Valorem.