The Superintendence of Companies of Colombia, Supersociedades, did not authorize the sale of Monómeros Colombo Venezolanos S.A. to Nitrofert Asset Management S.A.S., considering that the contract does not guarantee “the preservation of the Company as a productive unit and source of employment generation, but rather an interest in the sale of unspecified assets.”
Monómeros submitted a request to Supersociedades on February 19, 2025, seeking authorization for the negotiation — a technical assistance contract — with Nitrofert, aimed at evaluating the possibility of selling its assets.
The Venezuelan-owned company is subject to maximum supervision, specifically control by the Superintendence of Companies, meaning that any operation outside of its ordinary business must be authorized by the latter.
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No Guarantees for the Preservation of Monómeros
With limited operations, the establishment of guarantees, and the disposal of its assets, any negotiation requires authorization for Monómeros from Supersociedades, as stipulated in the relevant law.
Supersociedades concluded that Monómeros’ request did not clearly establish that the negotiation with Nitrofert Asset Management S.A.S. aimed to preserve the company as a productive unit and a source of employment generation.
On the contrary, the Colombian regulatory body noted “an interest in the sale of unspecified assets.”
Billy Escobar Pérez, Superintendent of Companies, stated that “the purpose of our supervision is the preservation and recovery of Monómeros as a productive unit and a source of employment generation, as established by law and constitutional jurisprudence.”
Lack of Clear Information
Supersociedades concluded that the sale of Monómeros did not guarantee the preservation of the company and employment.
The denial from Supersociedades regarding the sale of Monómeros was also based on the fact that the information presented “was far from clear, sufficient, and precise, lacking any remuneration, indicating unspecified transfers to its main shareholder, who was not part of the contract, and did not demonstrate a benefit for” the company.
Supersociedades was also cautious in authorizing the sale of Monómeros, as Nitrofert Asset Management S.A.S. — the buying company — was only established in October 2024, has not paid its capital, and is part of a business group that does not appear on its certificate of existence and legal representation.
“For the reasons mentioned, the Superintendence of Companies did not authorize the sale of assets of Monómeros Colombo Venezolanos S.A. to Nitrofert Asset Management S.A.S.”
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