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"In any business — not only bicycles — everything evolves. But it is always for the better," said Jose Eduardo Barrera of Exitos Imports.

Jorge Mejía said he plans to join forces with multiple partners to launch an independent project focused on entrepreneurship.

Clothing retailer H&M recently announced that it plans to open its second store in Colombia on May 27 in Chia, a suburb just north of Bogotá.

"This partnership is a critical step towards achieving our vision of positioning ourselves as a global beach lifestyle leader," said Maaji CEO Miguel Piedrahita.

"We have products for the whole Colombian market — so we’re thinking about quite ambitious growth," said Jhon Fredy Giraldo of LG.

The quarterly dividend of $0.125 per share will be payable on April 28, said Tecnoglass earlier this month.

Colombia is poised to further increase its already-substantial market share in South America, outpacing every country except for Brazil.

Tecnoglass says the $35 million USD acquisition will diversify its distribution network and strengthen its position in the United States.

TechSci Research expects auto production, government policies, and infrastructure spending to fuel ongoing growth in Colombia's tire market.

Tecnoglass plans to repay around $185 million in obligations and fund working capital needs with the funds.