Grupo Aval director files initial share holdings

Grupo Aval Acciones Y Valores S.A. director Mauricio Cardenas Muller filed an initial ownership report showing his existing equity stake in the company.

Rhea-AI Filing Summary

Grupo Aval Acciones Y Valores S.A. director Mauricio Cardenas Muller filed an initial ownership report showing his existing equity stake in the company. He reports direct holdings of 40,616 Common Shares linked to Preferred Shares and 76,923 Preferred Shares.

The filing notes that each American Depositary Share currently represents 20 Preferred Shares, and that Common Shares may be exchanged into Preferred Shares on a one-for-one basis as long as Preferred Shares do not exceed 50% of the company’s total subscribed share capital.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Cardenas Muller Mauricio

Role Director

Type	Security	Shares	Price	Value
holding	Common Shares	--	--	--
holding	Preferred Shares	--	--	--

Holdings After Transaction: Common Shares — 40,616 contracts (Direct); Preferred Shares — 76,923 shares (Direct)

Footnotes (2)

1. F1. The Preferred Shares may be represented by American Depositary Shares, each of which currently represents 20 Preferred Shares.
2. F2. Holders of Common Shares may exchange their Common Shares for Preferred Shares, on a one-for-one basis, provided that the Preferred Shares do not exceed 50% of the Issuer's total subscribed share capital.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Grupo Aval (AVAL) Form 3 filing by Mauricio Cardenas Muller show?

The Form 3 shows director Mauricio Cardenas Muller’s existing stake in Grupo Aval, including 40,616 Common Shares and 76,923 Preferred Shares held directly. It is an initial ownership report rather than a record of new share purchases or sales.

How many Grupo Aval (AVAL) Preferred Shares does Mauricio Cardenas Muller report owning?

Mauricio Cardenas Muller reports direct ownership of 76,923 Preferred Shares of Grupo Aval. This figure reflects his position after the reported date and is part of the company’s disclosure of insider holdings for a newly reporting director.

What Common Share holdings does the AVAL director report on this Form 3?

The director reports 40,616 Common Shares, linked to Preferred Shares, as directly owned following the reported date. This disclosure helps investors understand his equity exposure in Grupo Aval alongside his separate holdings of the company’s Preferred Shares.

How are Grupo Aval (AVAL) Preferred Shares represented by American Depositary Shares?

Each Grupo Aval American Depositary Share currently represents 20 Preferred Shares. This means investors trading the ADS are indirectly exposed to bundles of 20 underlying Preferred Shares, as specified in the insider ownership disclosure for Mauricio Cardenas Muller.

Can Grupo Aval (AVAL) Common Shares be exchanged for Preferred Shares?

Holders of Grupo Aval Common Shares may exchange them for Preferred Shares on a one-for-one basis. This is allowed provided total Preferred Shares remain at or below 50% of the company’s subscribed share capital, according to the Form 3 footnote disclosure.

Does the AVAL Form 3 indicate any recent insider buying or selling by the director?

The Form 3 functions as an initial ownership statement and lists Mauricio Cardenas Muller’s existing Common and Preferred Share positions. It does not record open-market purchases or sales; instead, it establishes his baseline shareholdings as a company director.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:06 AM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Cardenas Muller Mauricio

(Last) (First) (Middle)

C/O GRUPO AVAL ACCIONES Y VALORES S.A.

CARRERA 13 NO. 26A - 47

(Street)

BOGOTA 110311

(City) (State) (Zip)

COLOMBIA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Grupo Aval Acciones Y Valores S.A. [ AVAL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Preferred Shares(1)	76,923	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Shares	(2)	(2)	Preferred Shares	40,616	(2)	D

Explanation of Responses:

1. The Preferred Shares may be represented by American Depositary Shares, each of which currently represents 20 Preferred Shares.

2. Holders of Common Shares may exchange their Common Shares for Preferred Shares, on a one-for-one basis, provided that the Preferred Shares do not exceed 50% of the Issuer's total subscribed share capital.

	/s/ Javier R. Arias Correa, as attorney-in-fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)