Corporate analysis of the GRANASA case

On 3 January 2026, the Diario Expreso newspaper published an article entitled "'Super' de Compañías rehearses path to control GRANASA", which examines the process initiated by the Superintendency of Companies regarding the possible reversal or auction of shares in GRÁFICOS NACIONALES S.A. (GRANASA), the publisher of the Expreso and Extra newspapers.

As part of this journalistic analysis, Dr. Juan Domingo Cárdenas, an expert in corporate law at ECIJA GPA, was consulted to offer his technical opinion on the legal regime applicable to the transfer of shares in public limited companies.

In this regard, Cárdenas stated:
"It should be noted that one of the principles of public limited companies is the free transfer of shares. In this context, the Superintendency would have no say in the transfer."

He also explained that the administrative authority could only intervene under specific circumstances:
"In the event of a complaint from a third party or the previous owner, an administrative process could be initiated. But as I understand the case at this time, it has not operated in that manner. It has been an administrative act on the part of the entity in which they have unilaterally and ex officio attempted to reverse it."

Juan Domingo's analysis provides legal clarity to a case of high public interest, highlighting the importance of respecting corporate principles, legal certainty, and legally established procedures regarding the transfer of shares.

We invite you to review the full article published by Diario Expreso here.