Colombian group Sura denies that Boric’s arrival to the government threatens its business in Chile

The sura conglomerate – which through its subsidiary Sura Asset Management Chile has about 20% of the pension fund market in the southern country – came out on top of publications with “inaccurate information” about the effects of Gabriel Boric’s triumph on its business.
“In particular, we categorically deny the publications made by some media outlets that gabriel Boric’s victory in Chile’s presidential elections means that Grupo Sura would lose its pension business in that country. We clarify that, to date, we are not aware of any decision by the Government of Chile in this regard,” said Grupo Sura.
Boric, who last Sunday was elected President of Chile as a candidate of the Coalition I Approve Dignity, which has the support of the Communist Party, aims to end the Pension Fund Administrators (AFP), which are the private companies that manage these funds and change the model towards a system of distribution and solidarity.
Takeover bid in process
According to the Colombian conglomerate, the “inaccurate information” about the future of its pension business in Chile “could affect the confidence of investors and customers of Grupo Sura and its related companies” just as the period of acceptances of the public offer of acquisition presented by the company JGDB for its shares begins.
“We warn the investing public, our shareholders and the authorities about the risks that could be generated for Grupo Sura and therefore for its shareholders, when erroneous information is published,” the statement added.
The company JGDB, of which the Gilinski family is a part, made a takeover bid last month to acquire at least 25.3% of the ordinary shares of Grupo Sura, a millionaire business between Colombian business giants.
The Gilinski family, associated with the Royal Group, linked to the Abu Dhabi royal family, also offered in November to buy at least 50.1% of the processed food giant Nutresa, which like the Sura Group is part of the Antioquia Business Group (GEA).
GEA is a Colombian conglomerate that includes, in addition to Grupo Sura and Nutresa, companies from various sectors such as banking (Bancolombia) and Grupo Argos (cement and infrastructure), among others.
Colombian Multilatina
Grupo Sura is present in 11 Latin American countries, including Chile, where it operates a pension fund, investment fund and insurance through the company AFP Capital.
This company, which is part of Sura Asset Management Chile S.A., is a closed joint-stock company that has $46.9 billion in assets under management from 1.8 million customers, according to the company.
“Similarly, we inform that the website www.opagruposura.co was not built by Grupo Sura nor was we requested authorization to use the Sura brand,” so the company “is not responsible for the information published on that page,” the company’s statement adds. EFE

Original source in Spanish