Institutional Investors Acquire 1.4% of Grupo Security
investment totaled Ch$8,551 million at a price of Ch$192 per share.
Grupo Security's CEO, Renato Peñafiel, remarked, “We are proud that new investors have joined our project and will take part in Grupo Security's growth and new challenges.”
On Tuesday, a group of local institutional investors acquired a total of 44,535,021 shares of Grupo Security, representing 1.4% of the company's total shares. The transaction—led by IM Trust Corredores de Bolsa acting on behalf of the buyers—represented a total investment of Ch$8,551 million at a price of Ch$192 per share. The shares acquired correspond to purchase options from Grupo Security's capital increase in mid-2013 to finance the Cruz del Sur acquisition.
In the 2013 capital increase, Grupo Security successfully raised a total of Ch$57,268 million, corresponding to 301,408,069 shares at a price of Ch$190 each. The remaining shares—equivalent to 76,333,326 instruments—were offered to shareholders that exercised their purchase right during the first round, prorated at 0.25325574850 options per share subscribed. The Shareholders Party to Agreement, owners of the option, has committed to subscribe the remaining balance of the options, equivalent to Ch$6,033 million, which is due before June 2015.
Grupo Security's CEO, Renato Peñafiel, remarked, “We are proud that new investors have joined our project and will take part in Grupo Security's growth and new challenges.” This capital contribution will strengthen the company's capital base, facilitating Grupo Security's growth process. We believe that this has been captured by the market through the stock price.”
In this sense, Peñafiel highlighted that “during this year, Grupo Security's stock has enjoyed a market presence of 74% and the stock price has risen 11.23%, outperforming the IPSA's 5.2% return.”
The CEO of IM Trust Corredores de Bolsa, Hernán Arellano, confirmed that this transaction “would increase the stock's free float and provide greater liquidity, which will translate primarily into a valuation that is more consistent with its dividend generating capacity.”
Based on the financial statements (FECU format) for the first quarter of this year, in the first three months of 2014, Grupo Security's Ebitda increased 26.2% with respect to the same period in 2013, totaling Ch$26,424 million. Meanwhile, Grupo Security posted profit of Ch$16,803 million, representing an increase of 15.2% over the same period in 2013. These positive figures were driven mainly by a strong performance by Banco Security.