On March 17, Cementos Argos' board approved the abbreviated merger commitment, with Cementos Argos as the absorbing entity and Concretos Argos as the absorbed one. The firm requested a bondholders' assembly for March 20, awaiting approvals including from Colombia's Superintendencia Financiera.
Cementos Argos' board approved the abbreviated merger with its subsidiary Concretos Argos on March 17. Previously disclosed to the market on February 18, the deal leverages Cementos Argos' status as the sole shareholder of Concretos Argos, exceeding the 90% threshold for such mergers without liquidating or dissolving the absorbed entity. The firms engage in complementary construction and cement activities, aiming to streamline the corporate structure, enhance operational agility, and boost value for clients and shareholders while maintaining business continuity. The board requested a General Assembly of Ordinary Bondholders for March 20 to secure approval, alongside other necessary clearances, including from Colombia's Superintendencia Financiera. The company stated the merger imposes no greater liability on shareholders nor diminishes their patrimonial rights. Absent or dissenting shareholders may exercise withdrawal rights if legally justified, per Law 222 of 1995.
