“What would I like to see? A company that next year delivers much more dividends to shareholders; second, a company that continues to grow, contributing to society and doing all the social development, and third, reduce debt, I think that if interest rates continue to rise, companies should lower debt in order to generate higher profits and dividends”.
This is how the banker addressed himself yesterday Jaime Gilinski to the shareholders of Grupo Sura, at the end of the ordinary assembly organized in Plaza Mayor. With a 31.5% stake in that holding company, Gilinski became the largest single shareholder, ahead of Argos or Nutresa.
In addition, the banker entered the board of directors of Sura. His son, Gabriel Gilinski, will be a patrimonial member of it, while José Luis Suárez –another of his chips– will officiate as an independent member.
This was determined yesterday at the shareholders’ meeting, which with a quorum of 95.55% also elected Jorge Mario Velásquez (president of Grupo Argos), Carlos Ignacio Gallego (president of Grupo Nutresa) and Alejandro Piedrahita (vice president of Corporate Finance of Grupo Argos) as patrimonial members of the board, and Jaime Bermúdez and María Carolina Uribe as independent members.
As in the meeting of Nutresa investors at the beginning of the week, Gilinski was seen yesterday in the front row accompanied by his son Gabriel. Attentive to the socialization of every detail of Sura’s management in 2021, the tycoon asked to speak twice; heat first, with which he caused a stir, to show himself against the reform of the bylaws of Suraand the second to tell their intentions in the company (see Report).
The projects
In his message, Gilinski insisted that the purpose now that his son is at the top of Sura is “to help the board of directors with ideas, with our portfolio, with our experience, to make this company much bigger.”
The businessman, who has launched three Public Acquisition Offers (OPAs) for Sura and Nutresa, pointed out that he would not have made investments like the ones he has deployed so far (around $4.8 billion in Sura and $4.46 billion in Nutresa) if he had not assurance that these are great companies.
In this regard, the president of Grupo Sura, Gonzalo Pérez, maintained that there had already been meetings with Gilinski, and regarding the banker’s plans, he mentioned that in Sura they are absolutely “in agreement”.
“We have been divesting for four years, it is very important to be clear that the financial leverage occurred in 10 years within which an ING operation was acquired in six countries and five years ago an RSA operation was acquired in another six countries (… ) from that a whole period of deleveraging begins”, explained the leader of Sura in relation to the proposal to lower the debt.
On increase dividends specified that the company is clear that shareholders must be paid and in fact, the equation between the expansion of the company and that of dividends is always being sought.
“For the shareholders, one remuneration is the dividend, but the other is that they are part of the growth of an organization; this company grew 36 times its assets in the last 20 years”, Pérez said.
Regarding other projects, the executive mentioned that Sura prepares to obtain a certification and look for the window that brings her closer to entering the New York Stock Exchange“but that will have its opportunity and its process”.
Asked about the search for strategic partners, he confirmed that once Gilinski’s third takeover bid is over, there will be an evaluation by Sura’s board of directors to “continue bringing new knowledge” and international entities that will join the holding company and its subsidiaries. On the way, ruled out that the possibility of a merger between Bancolombia and GNB Sudameris has been discussedowned by the tycoon.
Decisions
Beyond the planning, the balance sheets and the debut of the Gilinskis at the Sura meeting, important decisions were made in the shareholders’ space.
For example, the payment of an ordinary dividend of $784 per share was approved, proposed by the board of directors on February 25, which represents a growth of 30% compared to that approved in 2021. It will be payable in four installments: April, July and October 2022 and January 2023.
As well a modification was made in the company’s bylaws, which adjusted the time in which shareholders will be able to access Sura information. Thus, there will no longer be 15 common days to convene meetings of the shareholders’ meetings, but five.
The adjustment will also eliminate that, in the case of extraordinary meetings, the information related to the decisions of the meeting will be made available to the shareholders. In addition, the composition of the board of directors was modified and it is no longer said that independent members should be 25%, but should be 3.
Expectation for third takeover bid
What follows is to see what will happen with Gilinski’s third takeover bid for Sura and Nutresa. In the first case, it is worth remembering, it points to between 5.2% and 6.5% more participation, offering US$9.88 for each title; while in the second it wants between 9.6% and 12% more, paying US$12.58 per share.
Yesterday afternoon, the Colombian Stock Exchange (BVC) reported that the commission agent Servivalores GNB Sudameris accredited the guarantees for these OPAsThus: US$346 million for Nutresa and US$120.3 million for Sura. The authorization of the BVC and the Superfinanciera is about to be confirmed for Gilinski to advance in his third attack by the companies of the so-called Grupo Empresarial Antioqueño (GEA).
