Celsia Colombia Approves Delisting of Common Shares from BVC, Initiates Voluntary Tender Offer Process for Minority Shareholders

In a general assembly held on January 15, 2026, attended by over 99% of shareholders, Celsia Colombia formally confirmed the cancellation of registration for its common shares on the BVC and RNVE. The decision originated from a historical pattern of low trading volumes and limited price discovery caused by the high concentration of majority shareholders. As a result, the company sees no benefit in remaining a listed equity issuer. The delisting will generate cost savings related to regulatory compliance and listing fees. Despite this, the company will maintain registration of its outstanding bond issuances, and the parent company Celsia S.A. retains its stock market listing unaffected by this process.

To protect minority interests, an independent valuation firm, Soluciones Financieras Ltda., has been contracted to determine fair pricing for the mandatory tender offer (OPA) that Celsia Colombia will extend to minority shareholders. Following regulatory approval, majority shareholders who voted in favor are expected to initiate the OPA, providing liquidity options to smaller investors who have faced chronic illiquidity. The execution timeline anticipates completion within the coming months, following Superintendencia Financiera’s authorization.

This strategic restructuring reflects a broader Colombian market trend whereby companies with concentrated shareholding and low free float consider delisting to focus on operational efficiency and cost optimization. Investors will see reduced equity options on the BVC while trading liquidity consolidates around larger, more active issuers. For Celsia Colombia, the streamlined shareholder base and cost reduction are likely to sharpen the company’s focus on growth and energy transition projects while leaving bond markets and parents’ equity intact.