Grupo Security Shareholders vote to create five-year share buyback program
In a context of strong earnings for Grupo Security, which reported profit of MCH$40,542 for 6M21.
At an extraordinary shareholders’ meeting, Grupo Security shareholders approved the creation of a share buyback program for investment purposes. The buyback program will be for up to 5% of its subscribed and paid-in shares for a period of 5 years. The Board will be delegated authority to repurchase up to 1% of the Group's shares directly on-market and to set the acquisition price, all according to current law.
The Group and its subsidiaries performed well in the first six months of 2021, reporting profit of MCH $40,542. This figure is 134% above the first half of last year when profit reached MCH $17,328. Meanwhile, mobile LTM profit was MCH $88,361, an all-time high for the Group.
According to Grupo Security’s CEO, Renato Peñafiel, these outstanding figures “are the result of strong performances from the company’s different business areas as well as the savings plan implemented by Grupo Security last year, with ongoing efficiency efforts as well as structural adjustments in the Group's main businesses.”
Regarding the transformation plan underway at the company, Peñafiel explained that the objective is to strengthen long-term profitability and adapt to changes in the environment, so that the increases in productivity from these projects boost revenue over the next few years. “In light of these good results obtained and the savings and transformation plans we have in place, we are confident that this program is an attractive investment for Grupo Security, since the current stock price does not reflect its intrinsic value,” the CEO asserted.
Grupo Security is a diversified financial group structured into five main business areas. Each area includes the subsidiaries and divisions that share common business objectives. These five areas are: lending, insurance, asset management, other services and international business.