Suramericana Divests Exito Stake

Colombia’s Grupo de Inversiones Suramericana has sold the 5.8% stake it held in local retailer Almacenes Exito to Citigroup Global Markets for $210.57m. The deal involves 19.37m shares at COP12,803.68 each, Suramericana says in a regulatory filing. Citi is purchasing the shares through the exercise of a put option from December 2007. Suramericana has been focusing its growth on the insurance and finance sectors and plans to continue divesting assets in other areas. In 2008, for example, it sold 40% of retailer Makro to SHV Holding, its partner in that venture.