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Exclusive Interview: Santiago Giraldo Named CFO of Tecnoglass, Inc. (NASDAQ:TGLS)

Last week, Santiago Giraldo was named chief financial officer of Tecnoglass. He had previously served in a deputy financial role within the company and has seen major changes at the Barranquilla-based window and glass maker over the past few years.

The firm has gone from a small, family-run provider of home-building supplies to one that is now publicly listed in Colombia, on the Bolsa de Valores, and on the NASDAQ in the United States, where it generates about 70% of its sales.

Tecnoglass’ path has been one that more and more Colombian companies hope to emulate. With an improving security situation and a domestic private equity world that is beginning to mature, the investment community both in the country and abroad is offering opportunities for firms to grow like never before.

As he settles into his new role, Giraldo sat down with Loren Moss, executive editor of Finance Colombia, to discuss the journey that Tecnoglass has taken over the past half decade and how the company balances a family-built culture focused on long-term growth with its responsibility to continually boost quarterly earnings for investor.

Loren Moss: Tecnoglass has been listed on NASDAQ since 2013 and the BVC — Bolsa de Valores de Colombia — since the beginning of last year. What precipitated Tecnoglass deciding to list?

Santiago Giraldo: Basically, it was an opportunity to make the company known in the markets in which we participate. Our main market is the U.S., with about 70% of our sales. So it was a way to further penetrate some markets within the U.S. where Tecnoglass was not known. Originally, Florida was the vast majority of our sales, but by being public we were able to penetrate other markets within the U.S.

Having incremental bonding capacity also helped us participate in larger projects. So it was an initiative not only necessarily to raise cash, but a strategic initiative to penetrate the U.S. market.

On the Colombian listing, because we didn’t do an IPO, we just did a reverse ADR. It was basically an opportunity to meet local investors with an opportunity to participate in the company as well. Given that we are a Colombian company, we also wanted to open the opportunity to local qualified investors and retail investors to participate in the company.

Loren Moss: That’s interesting, because you have some Colombian companies that are listed in the U.S. with ADRs, but you guys have done the reverse. That’s really innovative. So, tell me, now that you are in the routine of quarterly reporting, how has that discipline changed? This company is still run by its founders, and they have a long-term vision. How does that impact the culture of the company internally?

Santiago Giraldo: Quite a bit. I think this has been a very nice success story of a family-based company that has grown into a large corporate that is listed on exchanges and has had publicly issued debt into the U.S. and European markets. So it’s kind of a mix in the sense that the family members are still very much involved.

Our CEO and COO are running the company, but you have to have a mix in the sense that being public obviously implies having a lot of regulations, filing necessities, and other activities that normal family-based companies don’t have. I think that the vision continues to be long term. We’re very much running the company with the vision of being a $500 million USD company within the next five years or so.

But on a quarterly basis you’ve also got to have your financial planning in order. You’ve got to have all the SEC requirements that non-public companies don’t have. You’re going to have to have some of your staff being proficient in U.S. norms while having the skills that a private family-owned company would have to have as well. So it’s a mix.

In the end, the strategy continues to be long term, but you measure the long-term progress on a quarterly basis, and that’s a change. You have to have very good vision on the short-term — what the results are going to be not only for the next year or two years but for the next quarter. And you also must keep in mind that you’re running the company for the long term and doing what is best for the company for its sustainability over the long haul, as opposed to just running it quarter-by-quarter.

Loren Moss: Now, Tecnoglass is in the league with other large and well-known Colombian companies that are listed. We have Ecopetrol, the state-controlled petroleum company, Avianca, Bancolombia, and others. How did the market receive you when you first listed? When you first went to NASDAQ, what was the reception? Were the analysts, or was the investor community, somewhat familiar with you already? Was there a learning curve to orient them? What have the challenges been in the capital markets and in the institutional debt markets?

Santiago Giraldo: Yes, so this is kind of a different story in the sense that it wasn’t public through a straight-up IPO, but it was done through what is called a “SPAC,” which is a Special Purpose Acquisition Company vehicle. Basically, there was already a vehicle that was publicly listed that basically took over the private company — that took over Tecnoglass. And in that transaction, Tecnoglass became public.

But the process of getting to know the company and raising funds is pretty similar in the sense that you conduct a pretty extensive “roadshow” to market the company and educate investors as to what the company is. You have to communicate what its markets are, why it’s a different story, why it’s different than the competition, and where the advantages are.

And that’s an ongoing process, really. I mean, the first amount that was raised was obviously done in 2013 through a very extensive process. But the truth of the matter is that, ever since last year, we’ve been going to investors — doing roadshows, talking to a lot of people, seeing new investors coming on board, and hopefully having your stock price reflect a proper valuation.

It’s really an educational process that’s ongoing. It’s not necessarily one that took place four years ago and then it stopped.

And we are scheduled to participate in two or three different conferences in the third quarter this year and then a couple of others in the fourth quarter. As part of the investor relations initiative, you have to be continuously out there and getting people to know the story and trying to penetrate different investors that you haven’t talked to.

Loren Moss: I imagine, with the success that Tecnoglass has had, it has kind of paved the way and it will probably be easier in the future for other Colombian manufacturing companies when they decide to go that route.

Santiago Giraldo: Yeah, I think you have to be ready. To be public is not a process that is easy to absorb and it’s not something that you’re going to learn overnight, so it’s certainly something that you want to make sure that the company has enough skill, it has enough resources, and it’s ready to make the change.

I think we don’t probably know enough in Colombia about accessing the capital markets. To tell you the truth, I think a lot of the companies — other than the typical top 10, top 15 companies — are just basically relying on bank financing. There are really not a whole lot of companies that issue bonds or that go out and issue equity. But those are very suitable options to grow a company, and I just don’t think we have that culture, and unfortunately our capital markets in Colombia are not as deep as you would like.

I think it’s a learning process and we’re going that way with the MILA (Mercado Integrado Latinoamericano) integration, being associated with Mexico, Peru, and Chile as having one stock exchange. But I think we have a ways to go. I think we need to educate corporates more and make them more aware of what it could mean for their companies, and have people see these as a viable option.

Loren Moss: It seems that the capital markets are very immature in Colombia. Private equity didn’t really exist here — the laws weren’t really set up to facilitate a private equity industry — until 13 or 14 years ago. We’ve talked with Isabella Muñoz, the director of ColCapital, the professional association for private equity in Colombia, and it seems that traditionally the economy, which had been agrarian, has been set up for family-owned dynasties.

Tecnoglass head Mr. José Daes has mentioned the Santo Domingo family, for example, and that’s how things have worked here and in a lot of other Latin American countries for a long time. Bringing in investment capital and market-based capital is a relatively new phenomenon, I think, in many places. Brazil and Mexico are a little bit more advanced — perhaps Chile — and Colombia seems to be now on board. But it seems to be still a relatively new thing here, and companies are not necessarily used to dealing with or navigating public capital markets.

Santiago Giraldo: Yeah, that’s absolutely right. They’re not used to it, and I think the new era of PE funds is definitely up and going. You see a lot more PE funds being interested in Colombian-based companies.

Obviously, with the investor confidence and what’s transpired in the country over the last decade or so — as far as people having confidence that the country is secure — you have everything that is required to be successful here from a political standpoint. And also from a security standpoint and from basically everything that an investor will look for.

So I think we’re up and going. There are a lot of PE funds. There’s a lot of activity. There has been M&A from PE funds coming from offshore wanting to invest in Colombia. And I think that’s definitely another viable option. I think PE funds look to have the same interest as the companies do. They want to grow the company, they want to make it more profitable, they want to establish the best practices in order for them to eventually go out of that company when it’s much more robust, when it’s a much larger company.

We’re already seeing it. I don’t know the numbers exactly, but the amount of PE funds that were present in Colombia and active 10 years ago versus what it is today has to be tremendously different.

Loren Moss: Oh, it’s much different. I mean, the industry didn’t exist 15 years ago in Colombia. The way it was explained to me, actually I think Chilean investors came in, lobbied, took some leadership, and got some of the laws changed, so that now there’s quite a driving private equity and private capital community. I was at their industry event a few months back in Bogotá and it had interest from the world over. There were investors from Israel, South Africa, the U.S. — very large players from the U.S. were there — and from the rest of Latin America. It was very interesting to see.

It seems that Colombia has left behind that old family dynasty kind of thing, where “you’re going to be the president of the company because you’re my nephew” versus “let’s go out and get professional management and have some professional capital.” That, I think, has been one of the things that has held the Colombian economy back in the past. Now the country seems to be making good time in catching up and modernizing those markets and those structures.

Santiago Giraldo: Yeah, I think the frontiers have been opened. I think the mentality of businesspeople has changed. Like you said, I think companies are more professional, more structured. They’re sophisticated. You’re looking at a lot of companies becoming “multilatinas” as opposed to being just local-based economy companies.

So, I think it’s an evolution — and a positive one. I think there are a lot of companies growing beyond the Andean region, which is very positive. There are relationships being established with Europe, with Asia. The government, actually, is very active every year in going out and promoting Colombia so investors can take a look at what the country has to offer. I think that this year’s round was concluded about a month ago, and the president, the Ministry of Finance, and all of his team kind of lead the way. And they bring along top-class executives and CEOs from the main Colombian companies.

There’s much more of a showcase for people to know the country, to know the economy, to know each company — and I think that’s paving the way.

Fuente: Finance Colombia

Tecnoglass Names Santiago Giraldo as New CFO

Barranquilla-based window and glassmaker Tecnoglass, Inc. has named Santiago Giraldo as its chief financial officer, the company announced today.

He will replace Joaquin Fernandez, who is remaining with Tecnoglass in the position of director of administration and finance for the firm’s operating subsidiaries. “His decision to step down as chief financial officer is not related to any issues regarding financial disclosures, accounting matters, or business issues,” said the company in a statement.

Effective immediately, Giraldo, who had previously served as deputy chief financial officer, will now be tasked with overseeing Tecnoglass’ corporate finance, accounting, tax management, SEC reporting, and business development initiatives, said the company.

Before joining Tecnoglass, Giraldo served as CFO at Ocensa, a subsidiary of Ecopetrol S.A. He also has experience working as vice president at Citibank Colombia and in the corporate bank units of both JPMorgan Chase and Wells Fargo in the United States.

“Since joining Tecnoglass, Santiago has been instrumental in building a stronger financial department through his intricate understanding of our business and extensive financial experience,” said José Manuel Daes, chief executive officer of Tecnoglass. “He has designed and implemented stronger internal controls, reporting protocols, and accounting practices.”

Fuente: Finance Colombia

The 196 largest

For the second consecutive year, +Negocios (+ n) has followed the pulse of the 196 largest companies in the Caribbean region that were part of the ranking of the Superintendencia de Sociedades. Last May that Authority published a list of the 2,000 companies that moved the most capital in their operating revenues, including group from the Atlantic Coast that moved more than $ 55 billion over the past year and joined the list this year.

There is much to learn from this outlook: falling revenues of all 196 companies (-0.01%), marked mainly by the mining sector; reorganization in the sector, as the industry showed a strong recovery in profits: its share in the total profits increased from 9,81% in 2013 to 34.15% in 2014; and the challenge of the Caribbean region to be more competitive with other regions of the country.

Notable results are the top 10 companies in the region: Avianca, Olimpica, Reficar, Electricaribe, Prodeco, Cementos Argos, Gecelca, Opese, CBI Colombiana and Mexichem Resinas Colombia.

These are some of the issues analyzed in the July edition of the magazine to present an assessment of the business dynamics in the Coast. But the new edition of +n will also discuss BoConcept’s franchise model to give you some clues so you don’t ‘fail’ when doing a job interview, and the recommendations of Jorge Reynolds, creator of the pacemaker to be a leader.

See the list: Las 196 más grandes

Tecnoglass will implement liquidity programs for its shares

Yesterday, Tecnoglass Holdings held its first meeting with the media after being listed in the Colombian Stock Exchange (BVC) on january 6. Christian Daes, company COO, told LR, that the listing process was performed twice because people here in Colombia wanted to buy our shares, but had to open an account in the United States to be able to. He also stated that this year will be good for the company, both in Colombia and outside the country and with the foray into the stock market they want to have a volume of 100,000 shares.
Tecnoglass, headquartered in Barranquilla, entered Nasdaq in 2013 to raise capital. According to the company, the last two years increased the company’s value by around 35% in dollars, which means that in Colombian pesos it has reached a valuation of 130%.

What are your expectations with your listing in the Colombian Stock Exchange ?
Expectations are very positive. We hope to consolidate our investors in Colombia and the United States. The first year we moved 4,000 shares in Nasdaq; in the second year, 8,000 shares and this year we expect to double the volume to around 31,000 shares. The goal is to reach a volume of 100 thousand shares.

Why go to the local market at a time when the markets are so low?
In the United States the competition has lost share value, but not us. We hope the same thing happens in Colombia because we want to be known across the whole country and that we have many quality products.

What is your plan to improve liquidity of the shares?
Within our priorities we plan visit major cities in Colombia and for our customers in the country to become shareholders. In addition, we are working on forming a liquidity program to increase the volume of share, and we are working with with Credicorp Capital and Casa de Bolsato this end. The final plan will be reported at a later date.

What investment plans do you have for the company?
This year we will continue working on expanding the company’s infrastructure and new business lines. We hope to continue to grow this year in sales and we hope to sell nearly (COP) $ 1.1 billion.

How will you finance these processes?
We were recently granted a credit of around US $ 120 million, which will be used to refinance a debt of about US $ 83 million to be paid in seven years, an additional US $ 30 million will be used to finance expansion in our plant facilities. With this capital we will work in 2016.

How has the devaluation of the colombian peso in the last year affected you?
The strengthening of the dollar has impacted us favorably. We suffered for many years due to reevaluation and the industry was not profitable. We can now have more export earnings. It helps that the exchange rate will not be based on the export of oil or coal, it is the time for the country’s exporters.

Have sales in Colombia have been affected by the devaluation?
Clearly they have been affected because the raw material for our products is imported. Additionally, going from peso to dollar sales would seem to affect sales. However, in Colombia, our customers give us advances on the work, allowing us to work without having to stop production.

How do you see the slowdown?
We can’t be pessimistic because it is a process that is affecting all countries and we are hopeful because we are having more sales in pesos. Also, this year in construction we’ve had a lot of serious interest in our products.

Projections of increased sales by 20% in 2016
According to the company with the investments this year like the US $40 million, 20,000 square meter soft coat glass plant, Tecnoglass Inc. plans to increase its sales by 20% in 2016. This plant will employ more than 700 people and generate an estimated increase in sales of US $ 200 million over the next five years. By the close of 2015, the company expects sales of more than US $ 240 million and EBITDA of US $ 65 million.

The opinions:
Diego Franco
“Having Tecnoglass on the BVC is positive because it sends a message to other companies that it is an adequate market to find resources”

José Manuel Daes
CEO of Tecnoglass
“We have decided to make this double listing with the BVC because we want to diversify our shareholder base and expand our exposure”

Source: La República

Tecnoglass, the new ‘jewel’ of the national industry

Preliminary sales for 2015 are 820,000 million pesos. For this year, the growth forecast is 20% and estimated to continue increasing its value with its foray into the local stock market.

The parent company Tecnoglass Inc., specialized in manufacturing of high quality window frames for the residential and commercial construction industry, expects to maintain a growth rate in sales close to 40% in 2016.

The solid financial figures last year and its debut in the Colombian Stock Exchange (BVC) in early January are important achievements for the company that will be available to all Colombians who wish to invest in it.

This business group, consisting of several subsidiaries like Tecnoglass SA, focused on the transformation of glass and aluminum, and Energía Solar, focused on the assembly of architectural systems, will continue to pursue the glass and window frames market to convert Barranquilla into a world-class axis of industrial development.
Currently, the business conglomerate, which has about 5,000 workers operating in a 260,000 square meter plant located in the capital of the Atlántico department maintains business relationships with nearly 800 customers spread over 27 countries, among which are customers the United States, Colombia, Panama and Bolivia.

In a market that moves about 30,000 million dollars in the United States, Tecnoglass occupies an important position and at the close of 2015 would record sales of more than US $ 240 million.

To continue to achieve success, the Colombian company expects to continue taking advantage of its vertical integration model among its subsidiaries: Tecnoglass is responsible for transforming the glass and then sells it to Energía Solar.

Furthermore, the use of cutting edge technology has enabled the manufacture of new products like glass that retains no energy.

The figures do not lie and show that in the first nine months of 2015, adjusted net income increased 20,6% compared to the same period of 2014 which was 13.8%. By the close of 2015, the EBITDA would be close to $ 65 million.

In terms of investment, the company invested this year in a new 20,000 square meter, $40 million dollar ‘soft coat’ glass plant. This could boost sales by up to 20% (US $ 200 million over the next five years) and employ over 700 people.


The operations of this Colombian industry ‘jewel’ has made investors believe in the company and, according to Jose Manuel Daes, President and CEO of Tecnoglass Inc., the recovery in the last two years reached levels of 35%,in dollars, and 130%, in Colombian pesos.

From the January 6, the Colombian Stock Exchange (BVC) approved the double listing of the common shares of the glass producer under the ticker TGLSC.

Note that the titles of Tecnoglass Inc., listed on the Nasdaq stock market, are unique in being listed in the second most liquid exchange in the global equity market.
“We decided to make this double listing with the Colombian Stock Exchange because we want to diversify our shareholder base and expand our exposure and access to the investment community of our country. We are a Colombian company for the world “, said Daes.

With the entry of the new emission, local and foreign investors may acquire shares in both the BVC and Nasdaq through stockbrokers.

The initial price for the share will be the closing price on Nasdaq the preceding day and converted by the Representative Market Rate (TRM) that day.

Being listed on Nasdaq has allowed Tecnoglass Inc. to “be more competitive, constantly innovate and bring best practices with a rigorous corporate governance “, which aims to give investors confidence about the future of the company according to the president of the company.

“We will work hard to be the first choice for local investors, “concluded Daes.


“Entering the Colombian stock exchange was harder than getting into the one in New York”: Tecnoglass

During a press conference on Tuesday in Bogota, Tecnoglass managers reported that due to the stronger dollar, which is improving the profits of their business in the US, its financial results are putting the company in one of his best levels in history. Partial results of the first 9 months of 2015 show an increase in gross profit of 53%.

Other characteristics that highlight Tecnoglass is that it is the only Colombian company listed in Nasdaq, the largest automated electronic stock exchange in the United States based in New York. In addition, after two and a half years in the US market, the company decided to enter the Colombian Stock Exchange (BVC), whose stocks began trading on January 6.

The strange thing is that Tecnoglass dabbled in the stock market contrary to other large companies in the country, usually listed on the BVC first and then entering the New York Stock Exchange. So, the strategy used by the company is an alternative for Colombian companies who are thinking about entering the capital market.

El Espectador spoke with Christian Daes, Tecnoglass’ main partner, who narrates experience of this strategy. Among the advantages available to the employer is the increased credibility with American institutions.

Why did you venture first to the capital markets in the United States instead of Colombia?

The strategy was motivated by the company’s need for greater credibility in the American market. In the US if you sell something you’ll need a compliance insurance policy, and it was very difficult to get this requirement without being an American company. Because of this, we decided to enter the Nasdaq, where we are required to publicly present our balance sheet, which are audited by firms like PricewaterhouseCoopers. After our foray into this market the change in our credibility improved markedly, we even increased the amount of insurance that we can use.

Why enter Nasdaq, not the New York Stock Exchange (NYSE)?

Nasdaq has an advantage as it is intended for technology and fast growing companies. In contrast, the NYSE is for more traditional businesses like oil companies. Nasdaq was the best market that we could apply to our company, and so far it has been a good decision. US stocks has appreciated by 36% in the last year.

Would you recommend that Colombian companies enter US stock exchanges rather than the one in Colombia?

There is no formula for success. In each case you should think about the best strategy for each company. In our case it was a necessity to first enter the United States, which turned out to be the best. And today we are reaping the benefits.

Should other Colombian exporters should follow Tecnoglass’ example?

Industries in Colombia should take advantage of the US market. There is an impressive appetite for local companies, so it is unfair that while in Chile there are 21 companies listed in Nasdaq in Colombia there is only one. This is a tool to internationalize the country.

How painful was the process of entering Nasdaq?

The process is painful because it is a lot of paperwork, meetings, travel, etc. But the changes are good because the company has been internationalized, allowing Tecnoglass exports continue to grow in the coming years. This is making us proud of our homeland.

Now that you are also listed on the Colombian Stock Exchange and have experienced of both processes, where was it more difficult, Nasdaq or the BVC?

As hard as it is to believe, the process of entering into the BVC was more time-consuming than the process we did to get into Nasdaq. However we understand that they are different regulations, which are steps that must be taken and respected. They are also experiences that allowed us to acquire discipline.

What are the advantages of Nasdaq?

Being in this market will allow us to leverage the next decrease in the US construction sector. When the decline arrives our level of Ebitda will allow us to increase participation, as it happened in 2008. The crisis allowed us to expand throughout the US market.

Recently they acquired a loan with Credicorp to the order of US $ 120 million, what was the motivation?

A our investors were worried that all our debt was short term. So we was decided to change all these loans to one long-term, seven year, credit, to enhance sustainability. Besides our debt is now in dollars because most of our revenues are in this currency, so that this strategy reduces the currency risk.

How did you manage to use the crisis of 2008, and what did you learn that will enable you to take advantage of possible declines in the United States and Colombia?

We know that the boom will end someday, the good thing is that we have learned that we must be very sober while expanding during declines. Our experience taught us that our debt should be backed in batches, and we have to diversify. The result was that when the construction sector went into recession in 2008 we had sales of US $ 60 million, and when the crisis ended we recorded US $ 180 for this same item. And what we’re thinking right now is to repeat that strategy when the next crisis comes along.

Source: El Espectador

Tecnoglass to spend around US $ 30 million in investment projects

Tuesday Tecnoglass, a company headquartered in Barranquilla and dedicated to the manufacture of glass, said they got a syndicated loan for around US $ 120 million, of which about US $ 80 million will be used to refinance debt to seven years and the remaining US $ 30 million for investment projects in its facilities during 2016.

Rodolfo Espinosa, president of Energía Solar, ESWindows a subsidiary of Tecnoglass Holding, said that this loan was 70% approved by banks abroad.

Regarding the process of emission in the Colombian Stock Exchange (BVC), Espinosa said that they were looking to start a program to form liquidity for the company and are talking with Casa de Bolsa and Credicorp Capital.

In addition They explained that with the entrance to the Colombia Stock Exchange people in Colombia are seeking to buy shares in the company without having to enroll in the United States market.

“In 2013 we took the big step of entering and raising capital in NASDAQ and it has been a great success for our investors and to the business group. In the last two years we have recovered by 35% in dollar terms and 130% in Colombian pesos at the exchange rate, “stressed José Manuel Daes, CEO of Tecnoglass Inc.

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

Tecnoglass expects sales of US $ 240 million at the end of 2015

With the investments made in recent months the company plans to increase its sales by 20% in 2016.

BOGOTA. Barranquilla company Tecnoglass expects to close 2015 with sales of more than US $ 240 million and an EBITDA of $ 65 million, as announced this morning at a press conference in Bogotá by its president Rodolfo Espinosa.

He also noted that with the investments made in recent months, like the new 40 million dollar, 20,000 square meter soft coat glass plant, the company plans to increase its sales by 20 percent in 2016.

” This plant will employ more than 700 people and generate an estimated increase in sales of 200 million over the next five years, “he said.

He reiterated also that the Colimbian Stock Exchange, BVC, has approved the double listing of the ordinary shares from  the company starting on January 6, 2016, under the ticker TGLSC. And the shares will remain listed on the Nasdaq Stock Market in the United States.

For his part, the CEO, José Manuel Daes, said in a statement that “in 2013 we took the big step of entering Nasdaq to raise capital and It has been a total success for our investors and our business group. In the last two years we have increased value by 35% in dollars and 130% in Colombian pesos considering the exchange rate. We decided to make this double listing with the Colombian Stock Exchange because we want to diversify our shareholder base and expand our exposure and access to the investment community of our country. We are a company made by Colombians for the world.

“With this new stock emission, local and foreign investors can acquire shares of Tecnoglass Inc. in both the BVC and Nasdaq, through stock brokers.

In December 2013, the company debuted in the Nasdaq stock exchange at a share price of US $ 10.18 and placed about 15% of its shares among investors in the American public. Two years later, the price is trading around US $ 13.70.

Tecnoglass is a manufacturing company dedicated to architectural glass windows for global industries in residential and commercial construction. Headquartered in Barranquilla, it has an industrial complex of more than 220 thousand square meters, vertically integrated, providing access to the Americas, the Caribbean and the Pacific. It sells its products to over 800 customers in more than 27 countries in North, Central and South America and exports approximately 60% of its production.

Tecnoglass, the company from Barranquilla that grows alongside the dollar

The company from Barranquilla has been trading in the BVC since January 6, 2016, presents its financial statement for 2015 with 39% Ebitda up to September and sales of $ 828,020 million at year end .

In a press conference on Tuesday, the Colombian company which premiered at the Colombian stock exchange last week released its 2015 balance which highlights an Ebitda of 36% in 2015 compared to 21% for the same period last year.

The President of one of the companies that compose Tecnoglass: Solar ESWindows SA, Rodolfo Espinosa, reported that sales of Colombian operations reached $ 828,020 million at the close of 2015.

Tecnoglass entered the BVC with the ticker symbol TGLSC and at a starting price of $ 43,220.07 at opening. The last closing price recorded on January 12 was $ 45,000. The company will also be listed on the Nasdaq Stock Exchange in the US, where it has been trading since 2013, being the first and only Colombian company to enter that market.

José Manuel Daes, Tecnoglass Inc. CEO, reported in a press release that the company has grown by 35% in dollars and 130% in Colombian pesos during the past two years, considering the effect of the exchange rate. By the close of 2015, they are expecting record sales of more than US $ 240 million, with an EBITDA of US $ 240.

With investments made in 2015 for more than US $ 40 million, like the new 20,000 square meter soft coat glass plant, Tecnoglass plans to increase its sales by US $ 200 million over the next five years and estimates that will generate over 700 jobs.

Tecnoglass’ success addresses the current dollar pricing by exporting about 60% of its production, which is based on high quality architectural glass and windows for  residential and commercial construction. Headquartered in Barranquilla, it operates a modern industrial complex of more than 220,000 square meters, becoming the first company that manages windows with full vertical integration.

Source: Dinero