Luz del Sur shareholders sell 272,805 shares to POC for US$480k

Thursday, May 15, 2008

Shareholders in Peru's largest distributor Luz de Sur have sold 272,805 shares to Peruvian Opportunity Company (POC) for US$1.7581 each for a total of US$479,619, Luz said in a letter to securities regulator Conasev.

Last month, POC launched a tender offer to acquire a 23.54% stake in Luz by offering to acquire 115mn common shares at a price of US$1.7581 each. The tender offer ran through May 12.

Luz's service area covers 3,000km2 and includes 30 Lima municipalities. At end-March, the company's customer base included 787,407 regulated clients and 25 free clients.

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POC is made up of Sempra Energy International Holdings (50%), AEI Chilquinta Americas (49.99%) and AEI Southern Cone Holdings (0.0000005%).

Before the tender offer, San Diego-based Sempra Energy (NYSE: SRE) owned a 38% stake in Luz, Houston-based energy company AEI 37.9% and the remainder was publicly traded on the Lima stock exchange.