Colombia’s largest glass manufacturer Tecnoglass (NASD: TGLS; BVC: TGLSC) has announced that it will begin the process to delist ordinary shares from the “Bolsa de Valores de Colombia,” (BVC) Colombia’s principal stock exchange based in Bogotá.
“As we have shifted from under 60% of sales in the U.S. in 2015, to over 85% year-to-date in 2019, our target shareholder base has also shifted significantly towards the U.S. The delisting from the Colombian Stock Exchange will allow us to more efficiently focus on expanding our U.S. shareholder base. We expect this action to have essentially no impact on our U.S. traded shares, while saving time and money on administrative requirements associated with multiple exchanges,” says Tecnoglass co-founder & CEO José Manuel Daes.
The Colombia stock listing is secondary to Tecnoglass’ primary listing on The Nasdaq Stock Market (NASDAQ) under the ticker symbol “TGLS”, which will serve as the exclusive exchange to transact Tecnoglass ordinary shares, upon completion of the delisting from the Colombia Stock Exchange. With over 99% of Tecnoglass shares traded on the NASDAQ over the past year, the delisting of secondary shares is expected to save on expenses, time and administrative resources associated with the Company’s listing on a secondary exchange. The delisting of shares from the Colombia Stock Exchange is expected to be completed in third quarter of 2020, following approval by Tecnoglass shareholders and required regulatory approvals.