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Grupo Aval declines in Bogota

Tuesday, September 23, 2014

Grupo Aval, the banking group controlled by billionaire Luis Carlos Sarmiento Angulo, fell in Bogota after the company sold stock in New York at a discount to its local shares.

Aval, which was already listed in Colombia, sold American depositary receipts for $13.50 Monday, each representing 20 preferred shares.

Grupo Aval said in a filing with the U.S. Securities and Exchange Commission this month that it would raise $1.1 billion through the sale of American depositary receipts.

Source: Bloomberg