Grupo Aval declines in Bogota

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