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.
INITIAL BASE PRICE
“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.
Source: Portafolio.co