Companies

Cemex Maceo plant deal April 2019

Medellin Herald July 11, 2019

Cemex Colombia Partially Unblocks Stalled Maceo, Antioquia Cement Plant Cemex Colombia revealed in an April 12, 2019 filing with Colombia’s Superfinanciera corporate oversight agency that it reached a deal with the national Procuraduría General (corporate/political disciplinary regulator) that

Business

Valores Simesa 2018 results February 2019

Medellin Herald July 11, 2019

Valores Simesa Full-Year 2018 Profits Double Year-on-Year Medellin-based commercial real estate investor Valores Simesa revealed February 14, 2019 in a filing with Colombia’s Superfinanciera agency that its full-year 2018 after-tax profits rose to COP$24 billion (US$8 million), up from COP$12 billion (US$4 million) in 2017. Bancolombia’s investment-bank division held 68%

Business

Sura 2018 results March 2019

Medellin Herald July 11, 2019

Sura Full-Year 2018 Profits Rise 7.6% Year-on-Year Medellin-based insurance and financial services giant Grupo Sura announced March 1, 2019 that full-year 2018 net income (excluding divestments) rose 7.6% year-on-year to COP$1.4 trillion (US$475.7 million) while fourth-quarter (4Q) 2018 profits rose 28% year-on-year, hitting US$101.8 million. The “Suramericana” insurance

Companies

Grupo Sura 2Q 2019 Net Income Rises 37% Year-on-Year

Medellin Herald April 15, 2019

Medellin-based insurance giant Grupo Sura announced August 14 that its second quarter (2Q) 2019 net income jumped 37.4% year-on-year, to COP$951 billion (US$276 million). “An improved performance on the part of its investment portfolios along with higher revenues obtained from its associates via the equity method were key factors in achieving this level of results,” […]

Companies

Cemex LatAm 4Q 2018 Net Profits Slip, Colombia Sales Dip; 2019 Outlook Improves

Medellin Herald February 7, 2019

Bogota-based cement/concrete manufacturing giant Cemex LatAm Holdings announced February 7 that its fourth-quarter (4Q) 2018 region-wide net profits fell 33% year-on-year, to US$10 million, from US$33 million in 4Q 2017. But full-year 2018 profits improved 36% year-on-year, to US$63 million, from US$46 million in 2017, according to the company, which operates in Colombia,

Companies

Antioquia Hosts Launch of Colombia’s Biggest Hass Avocado Export Plant

Medellin Herald January 22, 2019

Colombia Minister of Agriculture Andres Valencia on January 18 hailed the start-up of the nation’s biggest Hass avocado export plant at Sonson, Antioquia, targeting the European and Saudi Arabian markets. The new plant, a joint venture between South Africa-based Westfalia Group and Chile-based Agricom, aims to help Colombia meet a goal over the next two […]

Companies

Colombia Government Grants Conditional Concession for ‘Puerto Pisisi’ at Turbo, Antioquia

Medellin Herald December 21, 2018

Colombia’s Transport Ministry and its Agencia Nacional de Infraestructura (ANI) infrastructure agency announced December 20 that they’ve granted a conditional 30-year concession license to the developers of the proposed “Puerto Pisisi” Atlantic freight port at Turbo, Antioquia. According to ANI, the initial investment would total US$133 million, and when completed

Companies

ISA, Construcciones El Condor Ink Highway Concessions Alliance Deal; Conconcreto Wins New Financing Package

Medellin Herald December 20, 2018

Medellin-based international electric-power transmission and highway concessions giant ISA announced December 19 an “alliance” deal with Medellin-based construction giant Construcciones El Condor for highway deals in Colombia and Peru. According to the new partners, ISA will have a controlling 51% stake in the alliance. “ISA is taking quick steps to materialize the ‘ISA

Profiles

Venezuela Crisis Brings Both Tragedy & Triumph to Medellin: Rui Pereira’s Story

Medellin Herald December 15, 2018

The ever-worsening economic and social crisis in Venezuela — caused by the criminal narco-communist Castro-Chavista dictatorship — is now likely to trigger out-migration of about 25% of the entire population, according to a shocking new study by Washington, DC-based Brookings Institution. The new study — revealed by Brookings researcher Dany Bahar in a

Companies

Cooperativa Financiera de Antioquia Wins AA Debt Risk-Rating

Medellin Herald December 12, 2018

Medellin-based credit union Cooperativa Financiera de Antioquia (CFA) revealed this month in a filing with Colombia’s Superfinanciera regulatory agency that it won a favorable AA rating for long-term debt from Bogota-based debt rater Value & Risk Rating (VRR). CFA also won a favorable “VrR1” rating from VRR for short-term debt risk, according to the filing. […]