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Barranquilla-based window and glassmaker Tecnoglass, Inc. (NASDAQ: TGLS) will issue its third quarter dividend of $0.14 USD per share on October 27. The payout, an increase from the $0.125 per share it had paid out in previous quarters, will be made to all shareholders of record...

The switch, which will formally take place on September 4, marks the first leadership change for the Bancoldex.

"This has been a very nice success story of a family-based company that has grown into a large corporate," says Santiago Giraldo, the new CFO of Tecnoglass.

Santiago Giraldo will replace Joaquin Fernandez, who will move to a new financial role related to the company's operating subsidiaries.

Though record-high revenue didn't lead to higher profits, Tecnoglass believes investment in “high-return projects" will yield good results throughout 2017.

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

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

The public offering will take place before the start of common stock trading in the Colombian Stock Exchange on February 15.

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

This the fourth auction in what Ecopetrol is calling the second stage of its divestment plan of its ISA holdings.