BOGOTA (Reuters) – Colombia’s largest industrial conglomerate, Grupo Argos, mentioned on Wednesday it should perform a share buy-back plan value some 400 billion pesos ($81.2 million) in March and ask shareholders to approve an effort to accrue extra shares.

Th buy-back set to happen from March 2-26 was authorized in 2020 and is an effort to enhance the corporate’s share value, Grupo Argos mentioned.

“The value that shares are buying and selling at at the moment on the Colombian inventory alternate is way from the worth of Grupo Argos,” the corporate mentioned in an announcement. “Although EBITDA has tripled over the past decade, inventory market capitalization has fallen by almost half.”

Grupo Argos shares closed at 8,290 pesos ($1.68) per share on Wednesday.

The corporate didn’t give the buy-back value it should provide, however mentioned it should look to accumulate each bizarre and preferential shares.

It should ask shareholders to approve a further buy-back program for as much as 500 billion pesos ($101.5 million) at a gathering on March 30, the corporate added.

Two subsidiaries of Grupo Argos have introduced buy-backs of their very own in current days. Cement-maker Cementos Argos is looking for 250 billion pesos in shares and electrical energy firm Celsia is looking for 300 billion pesos.

($1 = 4,924.91 Colombian pesos)