February 7, 2018 / 10:36 PM / 10 months ago

Colombia's Valorem asks regulator to buy back own shares

BOGOTA, Feb 7 (Reuters) - Colombian holding company Valorem has asked regulators to allow it to buy back its own shares, the country’s financial regulator said on Wednesday.

The company is willing to pay 909 pesos per share, the regulator said in an open letter to the stock exchange, but did not specify how many shares it is looking to purchase.

Valorem was not immediately available for comment.

The move may be a step toward removing the company, which owns a chain of movie theaters, Caracol television network and the El Espectador newspaper, among other holdings, from public trading.

Valorem shares were removed from trading on Wednesday pending a public buy-back offer from the company. The shares closed Tuesday trading at 680 pesos per share. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb)

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