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January 12, 2016

Colombia Stock Exchange approves double listing of Tecnoglass shares

The only Colombian company listed on Nasdaq announced more than 24 million shareholders as of this year may make dual investments.

This means that the shares listed on the American Stock Exchange are now in the Colombia Stock Exchange. Local and foreign investors can acquire shares of Tecnoglass in both BVC and Nasdaq. The purchase price will be based on the closing price in Nasdaq converted at the Representative Market Rate for that day.

According to Jose Manuel Daes, Tecnoglass CEO, this opens up possibilities for negotiating an opening in the market for all Colombians who want to invest and assures that the company will continue betting on the glass and window frame market.

The company also announced that it received approval for a  US $ 109.5 million loan, which will be used to refinance an existing US $ 83.5 million debt and also US $ 26 million destined to capital expenditures and operational budget.

It should be noted that the Tecnoglass shares in Nasdaq are trading at about US $ 13.70, after starting price, two years ago, of US $ 10.18.

Finally, the company assures that it expects 2015 closing sales of $ 240 million and aims to increase its sales in 2016 by 20%.

Source: La W

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