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Ciudad del Rio Future Expansion (Artist's Conception) Ciudad del Rio Future Expansion (Artist's Conception) Source: Ciudad del Rio

Valores Simesa Reports US$6.1 Million Profit for Full-Year 2019, Proposes Stock Buyback

Published in Companies Written by  February 10 2020 font size decrease font size increase font size 0
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Medellin-based real-estate developer Valores Simesa on February 7 reported an after-tax profit of COP$21.1 billion (US$6.1 million) for full-year 2019 -- and simultaneously revealed in a filing with Colombia’s Superfinanciera agency a proposed COP$20 billion (US$5.8 million) stock buyback.

Simesa is the developer of the giant “Ciudad del Rio” residential, commercial and office-building project on the site of the former Siderurgica Simesa iron/steel mill in Medellin.

According to the company’s most recent annual report, two-thirds of Simesa’s stock is held by the investment banking division of Medellin-based Bancolombia.

Simesa’s board of directors wil put the stock-buyback proposal to a vote at the anual stockholders meeting March 11 in the Medellin Museum of Modern Art (MAMM), located in Ciudad del Rio.

Read 192 times Last modified on Last modified on February 10 2020

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U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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