The Financial Superintendence of Colombia reported that it received a request for authorization for a public acquisition offer, OPA, on the ordinary shares of Protección SA, pension fund administrator.
According to the communication issued by the Colombian Stock Exchange, BVC, The proposed price for the purchase of each common share is $40,000, payable in cash and Colombian pesos.
The offer seeks to acquire a minimum stake of 6% and a maximum of 7.5% of the company’s outstanding shares.
In compliance with Decree 2555 of 2010, The Superintendency ordered the suspension of stock trading of the securities that are the subject of the offer until the day following the publication of the takeover notice.in order to guarantee the transparency of the process and equal conditions among investors.
It is important to take into account the shareholding of the company. The highest percentage of titles is held by Sura Asset Management SA, with 52.30% of the shares; Colombian Family Subsidy Fund Colsubsidio follows, with 14.47%; There is also Bancolombia Investment Bank SA Corporación Financiera with 9.99%.
The main shareholders are completed by Fiduciaria Bancolombia (9.9%); Cornerstone LP (6.64%); and, finally, minority shareholders with a percentage of 6.69%. The pension fund has around 565,699 companies and 119,457 pensioners. In terms of resources, Protection has $13.4 billion in voluntary pensions, which represents 41.7%; Likewise, mandatory pensions represent $162.7 billion, a proportion of 35%. Finally, the severance business is 39% with $8.7 billion.
This is how the company has fared
In the middle of this year, Juan David Correa, president of the entity, assured that they have eight and a half million clients, to whom, as of the first semester, returns of $8.5 billion were allocated. “We have been dedicated to talking with all our clients, to developing technological tools, to generating conversation spaces that allow people to know what the discussion is around the pension reform,” said the manager.
In recent months, the administrator has participated in different technical tables on the pension reform project, given its relevance within the system. Protección manages a significant part of the contributions of members to the individual savings scheme, and their investment decisions have a direct impact on the returns obtained by workers and pensioners.
According to the latest public reports, the profitability of the portfolios managed by Protección has shown a recovery compared to 2022, a year marked by high volatility in international markets. The moderate and conservative funds were the best performers, driven by the appreciation of local debt securities and greater stability in interest rates. The announced takeover comes in a context of consolidation in the financial and pension sector.
In the case of Sura, its subsidiary Sura Asset Management, the main shareholder of Protección, has been reviewing its corporate structure in different countries in the region with the aim of simplifying operations and optimizing resources. Market experts have pointed out that this offer could be related to strategic movements within the business group, especially after the recent reorganization announcements of Sura and Nutresa, which seek to define their cross-shareholdings. A Protection operation could facilitate the redistribution of shares among subsidiaries, strengthening the control position in businesses.
