Aval May Sell $1.3 Billion of Shares in Colombia Offering
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Grupo Aval Acciones y Valores SA, the Colombian banking group controlled by billionaire Luis Carlos Sarmiento Angulo, said it may sell about 2.4 trillion pesos ($1.3 billion) of shares in Bogota.
Grupo Aval’s board considered the share sale in a meeting yesterday and authorized the company to start getting the necessary approvals, according to regulatory filing late yesterday. Aval is seeking to raise capital and bolster its finances after agreeing to make three acquisitions since December for $1.4 billion.