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