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Valorem SA’s board approved a plan yesterday for Invernac & Cia., the holding company’s majority shareholder, to spin off assets valued at 472 billion pesos ($263 million), according to an e-mailed statement.
Valorem will receive stakes in Caracol Television SA, Suppla SA, Biofilm SA, Comunican SA and Inversiones Cromos SAS and will issue shares to Invernac & Cia. shareholders. The plan requires shareholder approval, according to the statement.
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