Colombia’s Grupo de Inversiones Suramericana S.A. (Grupo SURA) reported that its Board of Directors decided to pay 2017’s dividends in cash, not in shares.
Sura’s Board of Directors recommends that the payment of dividends to shareholders be made 100% in cash, in four installments in April, July and October 2018 and January.
According to the Colombian, the investment company’s board decided acceptance to a resolution proposed by a shareholder. The proposition still requires approval by the Shareholders General Assembly. The next meeting is scheduled for March 23.
The plan informed on February 26 anticipated the payment of the dividends, the shareholder’s election, in shares with preferential dividend and without voting rights and in cash.
The Board of Directors considered that the price at which the preferential company’s shares have been quoted during the last few days at a level that does not reflect the value it is estimated to have, which is why the payment of dividends should be made in stocks.