Grupo Argos' Cementos Argos Launches €9.4 Million Share Buyback Program

Cementos Argos, part of Grupo Argos, initiates a new share buyback offer worth €9.4 million to enhance liquidity in the Colombian stock market and support the Sprint program aimed at recovering share prices.

Grupo Argos' Cementos Argos Launches €9.4 Million Share Buyback Program
Photo by Flavia Carpio / Unsplash

Cementos Argos, a leading cement company under Grupo Argos, announced on Friday a significant share buyback offer amounting to 40,000 million Colombian pesos (approximately €9.4 million). This strategic move aims to increase the liquidity of its shares on the Colombian stock exchange and further the objectives of the Sprint program, which is designed to recover the value of its shares.

The offer, which includes a mechanism allowing shareholders to specify both the number of shares they wish to sell and their desired selling price, adheres to international best practices. It encompasses the repurchase of ordinary shares up to 32,128 million Colombian pesos (over €7.5 million) and preferred shares up to 7,872 million pesos (€1.8 million).

The buyback offer will be open for three days, starting from February 12 to February 14, as detailed in a company statement. This initiative marks the second time in approximately two months that Cementos Argos has launched a buyback offer of the same value for the same purpose of enhancing its stock market value.