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Grupo Sura shareholders approve absorption of units

Grupo de Inversiones Suramericana SA's shareholders on March 23 approved a reorganization plan under which the Colombian company will absorb foreign units Gruposura Finance and Grupo de Inversiones Suramericana Panamá SA.

Bondholders will also vote on the plan April 9, which aims to simplify the group's organizational structure, according to previous statements. 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. The revamp will also result in economic and administrative benefits for the company.

The proposal will not have any impact on the group's capital position or on the value of its shares, Grupo Sura said.