Alianza Fiduciaria SA, manager of Colombian trusts that became the biggest shareholders in textile-maker Fabricato SA after the default of stock loans, is calling for other investors stuck with the shares to coordinate their exit plan.
“We and a lot of other people like us are in this same situation as new shareholders in the company,” Alianza President Luis Fernando Guzman said yesterday in an interview in Bogota. “With a large enough group, we can look at what the company has, how the market is developing.”
The textile maker was the target last year of a failed control bid by an investor group backed by the financial firm Interbolsa SA. Many of the traders had built up their stakes using stock loans provided by other investors, according to government officials.
Fabricato, whose shares were suspended by the stock exchange in November, tumbled 71 percent last week after trading resumed. Investors including Alianza were left holding Fabricato shares received as collateral from traders who walked away from their stock loans.
Bogota-based Alianza’s trusts were left with a 16 percent stake, while closely-held Alianza holds another 2 percent as of March 8, according to a Fabricato filing.
“Our plan right now isn’t to sell or not to sell, it’s to look and study, to expand the information we have about the company in order to make our decision,” Guzman said. “We need to look at what the company’s situation is and what alternatives it has.”
Medellin-based Fabricato was unchanged at 11:15 a.m. today in Bogota.
Interbolsa, based in Bogota, is being liquidated by the Colombian government after its brokerage firm, formerly the country’s biggest, collapsed last year.