Colombia-based Grupo de Inversiones Suramericana SA will create a new company in Panama named SURA Ventures SA, the group said in a Feb. 26 regulatory filing.
Grupo Sura noted that SURA Ventures is a separate entity from its subsidiary, Grupo de Inversiones Suramericana Panamá S.A., which will continue to operate until the authorization for the new company is carried out, La República reported.
After the authorization, Grupo Sura Panamá will cease to exist as it will be absorbed by Grupo Sura.
The board of Grupo Sura has already approved the company's absorption of Grupo Sura Panamá and another subsidiary, Cayman Islands-based Gruposura Finance. The reorganization proposal will be submitted to shareholders at a March 23 meeting.
The move is in line with a Colombian law that calls for financial conglomerates to have simple corporate structures in order to facilitate their supervision by regulators in different jurisdictions, Grupo Sura previously said.
For the fourth quarter of 2017, Grupo Sura posted consolidated net income of about 357.18 billion Colombian pesos, up 102.5% from the year-ago period.
As of Feb. 26, US$1 was equivalent to 2,847.10 Colombian pesos.