Wednesday, September 27, 2023

Cementos Argos settled a $125,000 million buyback program

The board of Cementos Argos announced that it has regulated the share buyback program for $125,000 million as part of share price recovery initiatives.

While this first phase of the repurchase is being carried out, the expansion of the share repurchase program will be analyzed gradually until the amount announced to the market of US$ 250,000 million is reached. In this way, the Board completes compliance with the five pillars of the Share Price Recovery Initiative.

It should be noted that the scheme of the buyback program was approved by the General Meeting of the Company at its extraordinary meeting on June 22, 2023. Execution will begin once the necessary procedures are completed before the Colombian Stock Exchange (BVC) and may be extended until June 2024.

Likewise, the provisions of the buyback program meet the legal requirements, in particular those provided for in Article 396 of the Commercial Code and Article 42 of Law 964 of 2005, and are in accordance with Decree 2555 of 2010.

Provisions regarding the share buyback program

With the approval, the maximum number of shares to be repurchased will be equivalent to a maximum of US$125,000 million. And the deadline for implementing the buyback program is one year from approval by the shareholders’ meeting, i.e. until June 22, 2024.

The securities to be repurchased are ordinary shares and shares with preferential dividends and non-voting rights of Cementos Argos. In this sense, they are sued in proportion to the participation of any kind in the equity structure of the company. Before the repurchase program is implemented, it is divided into 85% common shares and 15% non-voting preferred shares.

However, the actual purchases made may differ from the proportion stated above.

It should also be taken into account that the buyback program can be implemented in one or more operations through the BVC’s transaction systems or the independent mechanism. The Company will notify the market through relevant information once the buyback program begins to be implemented.

How is the buyback price determined?

In the event that the repurchase program is implemented through the transaction systems of the BVC, it will be established in accordance with the provisions of the general regulations and the unique circular issued by this entity. However, if the buyback program is implemented through the independent mechanism established by the BVC, the price will be determined in accordance with technically accepted procedures.

To determine the implementation and implementation strategy of the reacquisition program, the company appointed a commission composed of Carolina Soto and León Teicher, members of the Board of Directors of Cementos Argos, and Felipe Aristizábal in his capacity as Financial Vice President of Cementos Argos. , which determines the repurchase mechanism, the amount and the date on which the transactions will be carried out.

This commission will also determine all other aspects necessary to achieve the objectives set by the company. and will take all necessary measures to perfect the buyback operations.

Nation World News Desk
Nation World News Desk
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