MEDELLIN, Colombia, March 10 /PRNewswire-FirstCall/ -- Today at the annual general shareholders meeting of Bancolombia S.A. ("Bancolombia"), Bancolombia's shareholders adopted the following resolutions:
1. Approval of the unconsolidated and consolidated financial statements as of December 31, 2007, and their respective notes, as well as the annual report of management. 2. Approval of the distribution of the 2007 profits, following a proposal made by the Board of Directors of Bancolombia. The shareholders approved a distribution of dividends in an amount equivalent to Ps. 142 per share, per quarter, which will be payable as of the first business day of each calendar quarter (April 1, July 1, and October 1, 2008, and January 2, 2009). The aggregate amount of annual dividends to be distributed is Ps. 568 per share, which represents an increase of 7% with respect to the dividends paid in 2007. The total aggregate amount of dividends to be distributed is Ps 447,485,737,704. Bancolombia notes that 81% of the amount paid as dividends does not constitute taxable income under Colombian regulations. In order to contribute to Bancolombia's growth during 2008, the shareholders also approved an allocation of Ps. 370,226,878,372.83 to increase the legal reserves. 3. Designation of PricewaterhouseCoopers as external auditor of Bancolombia for the period beginning on April 2008 and ending on March 2010.
