Monthly Archives: October 2015

Christian Daes

Tecnoglass, from January 6 listed in the BVC

The Registration Committee of the Colombian Stock Exchange announced on Tuesday that the company had been accepted.
From January 6, shares of the Tecnoglass may be traded in the Colombian Stock Exchange.

This company is listed on Nasdaq in the United States since March 2012, and made its request to enter the local stock market in mid-October of this year. At the time, the president of the business group, Christian Daes, told Portafolio that the opportunity had to be given to domestic investors to purchase their stock without opening accounts in other countries and that the aim is to bring them more liquidity to these titles.

45 months ago, after ringing the bell in New York, the company made ​​an initial public offering of ordinary shares which earned 42 million dollars. But most importantly, according to Daes, the reliability that was achieved in a nation where the majority of its sales are made.

This mechanism has already been used by companies such as Pacific and Canacol, with operations in Colombia and whose securities are traded on the BVC, but its main market is the Toronto Stock Exchange.

“We are pleased to inform you that the Registration Committee of the BVC held on December 18, 2015 authorized the registration of the dual listing of the common shares of Tecnoglass Inc. in this market, ” as said in a letter from the legal representative of the BVC, Javier Diaz Fajardo, to Tecnoglass Chief Financial Officer Joaquin Fernandez, announcing the news of the acceptance in the BVC.

“We appreciate the trust put into the Colombian stock market and we are confident that our registration will be of great benefit to you and other market participants, “said Diaz.
The base price for the first day in the country will be the closing price on Nasdaq the day before converted by ​​the Representative Rate Market of the same date.

In that exchange, this year’s Tecnoglass stock peaked on December, when it reached US $ 15.06.

However, the value has fluctuated and yesterday it was quoted at $ 13.50, which It means it has depreciated by 10.36%. However, it has been a year of exponential growth and plans to finish with a turnover of 800,000 million pesos.

Shares will be available in the local market, but investors who buy directly abroad can also have the option to ask their brokers transfer to the titles so that they can be traded on the Colombian market.


Tecnoglass: like tempered glass

Tecnoglass is one of the leaders in the region in the business of window frames and is the only Colombian company whose shares are traded in the Nasdaq stock exchange. The company prepares to issue shares in Colombia.

Tecnoglass is one of the most emblematic companies from Barranquilla. For the last 30 years, since it was created and the plant was assembled, they began an expansion process, first at home and then globally.

Although they have gone through difficult situations like the construction decline in Colombia in the late 90s and the international crisis that began in 2008, these impasses have strengthened Technoglass. For example, the first crisis motivated output to international markets and developed a greater added value in their products adjusting to demands and requirements of international markets -like hurricane resistant glass-, especially for southern Florida, USA, and the second crisis diversified and expanded its product portfolio.

Today Tecnoglass exports to more than 30 destinations and serves great projects, not only in South America but also in other areas like New York, Hawaii, Philadelphia, San Francisco and Las Vegas. By 2014, according to figures from “5,000 Empresas de Dinero” Tecnoglass posted revenues of $ 250,000 million, a more than 25% increase compared to the previous years growth.

“We aim to have sales of more than US $ 500 million over the next five years. We have the best glass and aluminum technology in the hemisphere. In August we will inaugurate the new plant, with an investment of US $ 45 million, in a process that applies microscopic layer onto the glass surface by atomic layering that lets in light but not heat or cold and gives the glass insulating properties. It is a norm in the United States requires that all projects have thermal coating”, adds Daes.

A little over a year ago, Tecnoglass executed one of the most important moves in the stock market: It is the only colombian company that has been listed in Nasdaq, the second most liquid stock exchange in the world, where shares of the most innovative companies in sectors such as technology, renewable energy and even restaurants and fashion are traded.

For Daes, this decision “was a bad business for the family but a great deal for the company”. For years it entered the market in southern Florida and became one of the most important players in that area. However, that knowledge was not enough to reach other areas in the United States and other major projects. “The entry into Nasdaq gave us the credibility we needed in the market, we passed all the exams, we are regulated and the auditors make their reports on the company”, adds Daes.

Today 84% ownership of the company is held by Colombian partners and the rest are out int market. The value of the stock is at US$ 12 and when he came out it was at US $ 10. “We believe there is no reason to be less than US $ 20 when our competitors are trading at 10, 12, 14 times Ebitda, while we are at 4.5 times Ebitda. We are thinking of emmiting stocks in Colombia -announced Daes- where we believe we can have more movement, and we can make it available to local players, like pension funds. We have started the process to enter the Colombian Stock Exchange”.

While the subject of the Exchange is defined and advances are made in new products, Tecnoglass look forward to the European market and the Middle East.
They are studying two scenarios for that case: one, the logistics operation from Barranquilla to serve those destinations; and two, analyzing some companies in Europe to purchase. Quite a long-term bet.

Source: Tecnoglass, como un vidrio templado