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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Grupo Aval Acciones y Valores SA | NYSE:AVAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.005 | 0.23% | 2.175 | 2.18 | 2.15 | 2.18 | 42,811 | 20:06:47 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities Exchange Act Of 1934
For the month of March 2018
Commission File Number: 000-54290
Grupo Aval Acciones y Valores S.A.
(Exact name of registrant as specified in its charter)
Carrera 13 No. 26A - 47
Bogotá D.C., Colombia
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F |
X |
Form 40-F |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes | No |
X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes | No |
X |
GRUPO AVAL ACCIONES Y VALORES S.A.
TABLE OF CONTENTS
ITEM | |
1. | Report of Relevant Information dated March 27, 2018 |
2. | Resolutions adopted by the General Shareholders Meeting held on March 23, 2018 |
Item 1
RELEVANT INFORMATION
Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) informs that on March 21, 2018, the Board of Directors approved an amendment to the accounting policies of the company, with respect to the rules applicable to the preparation of Grupo Aval’s consolidated financial statements in Colombia.
As a result of the mentioned approval, as of January 1, 2018, Grupo Aval will prepare its consolidated financial statements according to International Financial Reporting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”). Grupo Aval currently applies these rules in the preparation of the consolidated financial statements reported to investors abroad.
This decision, allows the standardization of information reported to local and international investors under the same accounting rules. The amendment of policies also considers that with the implementation of IFRS 9 in Colombia, as of January 1, 2018, the principal differences between accounting policies applied for local purposes and rules issued by IASB, will disappear. Consequently, such modification will not have relevant effects in Grupo Aval’s financial statements.
Item 2
Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) informs that the ordinary session of the General Shareholders Meeting, held on March 23, 2018, has:
1. | Approved the company’s financial statements, management report and other attachments, for the year ended on December 31, 2017. It further approved the following proposed distribution of profits: |
GRUPO AVAL ACCIONES Y VALORES S.A.
APPROVED DISTRIBUTION OF PROFITS
FOR THE PERIOD BEGINNING ON JANUARY 1st AND ENDING ON DECEMBER 31st, 2017
GENERAL MEETING OF SHAREHOLDERS
Net Income | 2,001,177,878,368.99* | |||||||||
With tax benefit | 2,001,177,878,368.99 | |||||||||
Without tax benefit | 0.00 | |||||||||
Plus: | ||||||||||
Occasional reserve release at the disposal of the General Meeting of shareholders | 5,333,761,499,614.71 | |||||||||
With tax benefit | 3,276,142,684,872.74 | |||||||||
Without tax benefit | 2,057,618,814,741.97 | |||||||||
Total Income available for disposal of the General meeting of Shareholders | 7,334,939,377,983.70 | |||||||||
To distribute a cash dividend of $ 4.00 per share per month from April, 2018 to March, 2019, including those two months, over 22,281,017,159 outstanding shares as of the date of this meeting. | 1,069,488,823,632.00 | |||||||||
With benefit | 1,069,488,823,632.00 | |||||||||
These dividends were taken from profits of year 2016 and previous years, consequently they may be distributed with benefit to shareholders. | ||||||||||
Note: Dividends shall be paid within the first ten (10) days of each month according to applicable regulations. In accordance with article 2.23.1.1.4 of Decree 2555 of 2010 (modified by Decree 4766 of 2011) and the regulations of the Colombian Stock Exchange, dividends for the month of April 2018, will be paid from the fourth trading day following the date in which the General Meeting of Shareholders approves the distribution of profits, which is from April 2. In this month, dividends will be paid until April 11. | ||||||||||
Occasional reserve at the disposal of General Meeting of Shareholders | 6,265,450,554,351.70 | |||||||||
Total with tax benefit | ||||||||||
Year 2017 -with tax benefit: | 2,001,177,878,368.99 | |||||||||
Acumulated - with tax benefit | 2,206,653,861,240.74 | 4,207,831,739,609.73 | ||||||||
Total without tax benefit | ||||||||||
Year 2017 - without tax benefit | 0 | |||||||||
Acumulated - without tax benefit | 2,057,618,814,741.97 | 2,057,618,814,741.97 | ||||||||
TOTAL | 7,334,939,377,983.70 |
* Since year 2017, distributed dividends regarding profits of year 2017 and subsecuent years, will be taxable and subject to witholding tax, according to articles 242, 245, 246, 342 and 343 of the Colombian Tax Code (Law 1819 of 2016). With respect to distributed dividends from profits prior to year 2017, they will be taxable and subject to witholding tax if they are distributed from the reserves without benefit to shareholders.
Item 2
2. Elected, as members of the Board of Directors, for the period beginning in April 1, 2018 and ending on March 31, 2019, the following individuals:
BOARD OF DIRECTORS - GRUPO AVAL ACCIONES Y VALORES S.A.
2018 - 2019:
PRINCIPAL | ALTERNATE |
Luis Carlos Sarmiento Angulo | Mauricio Cárdenas Müller |
Alejandro Figueroa Jaramillo | Juan María Robledo Uribe |
Efraín Otero Álvarez | Juan Camilo Ángel Mejía |
Álvaro Velásquez Cock | Ana María Cuellar de Jaramillo |
Fabio Castellanos Ordoñez | Luis Fernando López Roca |
German Michelsen Cuellar | Gabriel Mesa Zuleta |
Esther América Paz Montoya | Germán Villamil Pardo |
3. Re-elected KPMG Ltda. as External Auditor of the company. KPMG Ltda. will appoint the individuals that will act as principal and alternate External Auditor of the Company, on behalf of such firm.
In addition to the aforementioned decisions, the Company informs that the following will be the ex-dividend dates applicable to the period beginning on April 2018 and ending on March 2019
(*) Ex-Dividend dates may vary subject to any determination of the Colombian Stock Exchange with respect to the business days for trading purposes.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 27, 2018
GRUPO AVAL ACCIONES Y VALORES S.A. | |||||
By: | /s/ Jorge Adrián Rincón Plata | ||||
Name: | Jorge Adrián Rincón Plata | ||||
Title: | Chief Legal Counsel |
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