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Colombia's Ecopetrol to sell 20% stake in an IPO
Petroleumworld
CARACAS
Petroleumworld.com 07 31 07
Colombia's government has approved the IPO of the nation oil company Ecopetrol, that will sell a 20% stake in the company, Colombia's Superintendencia Financiera said in a statement.The auction process is expected to beginning August 27 and will generate US$4bn-4.5bn
The plans call for the issue of eighteen billion ordinary shares, with a nominal value of 250 pesos each, and to be offer to the public in an IPO of three rounds.
The first rounds is being directed towards current and retired Ecopetrol employees, and will require a minimum purchase of 1,000 shares, the second round is directed to pension funds, unions and cooperatives and will require a minimum 2,000 shares.
The third round will be directed towards national and foreign private entities and is scheduled to begin in 2008, with a a minimum 5,000 shares.No company will be allowed to purchase more than 3% of the shares in circulation.
Colombian private citizens will receive a 5% discount on all shares purchased and other preferred buyers will receive a 2% discount.
Ecopetrol is expected to use some of the revenues generated from the sale to finance its US$12.5bn investment plan.
Petroleumworld 30 07 07Copyright© 2007 Petroleumworld. All rights reserved.
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