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Colombia's EPM begins Isagen share offer

Bnamericas Published: Monday, April 04, 2016
Colombia's EPM begins Isagen share offer

Colombian multi-utility Empresas Públicas de Medellín (EPM) launched a public offer for the company's 13.14% stake in local power generator Isagen.

In a first stage, the 358,332,000 shares will be offered to workers and pensioners at a price of 4,130 pesos, or 1.48tn pesos (US$484mn) in total, said EPM. The company plans to invest 5.86tn pesos in energy expansion and modernization.

The first stage of the offer will be open through June 7.

Isagen parent-BRE Colombia Investments last week started accepting public share offer bids to acquire up to 30% held by minority shareholders in Isagen.

Also in March, Empresa de Energía de Bogotá secured authorization to offload its stake in the power producer.

In a related note, Colombia's Ecopetrol will hold a second offering on April 7 as part of the second stage – for the open market – of its divestment in local state transmission group ISA. The planned offload is part of the NOC's sale of non-strategic assets to boost savings and improve cash flow.

POWER CRISIS

Meanwhile, President Juan Manuel Santos (pictured) announced there will no power rationing as energy savings on average have been above the 5% goal established in the Apagar Paga campaign to offset the impact of weather phenomenon El Niño.

Santos called on the country, however, not to let its guard down as the rainfall deficit in March was 30% and that this month's shortfall is forecast to be 20%, as El Niño weakens.

Water flow for power production in Colombia (CREDIT: XM )

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