Medellin's utility EPM to sell assets for up to $1.25 billion
Petroleumworld 31 10 2018
Colombian public services company Empresas Publicas de Medellin (EPM) said on Tuesday it plans to raise up to 4 trillion pesos ($1.25 billion) by selling shares in several assets to ensure liquidity following problems in a hydroelectric project.
EPM, controlled by the central city of Medellin, expects the divestment process - which includes both local and international units - to conclude in the third quarter of next year.
The company received authorization to sell EPM shares worth about 10.17 percent of ISA, as well as shares in Terpel , Promioriente S.A. E.S.P., Gas Natural del Oriente S.A. E.S.P., Hidroelectrica del Rio Aures S.A E.S.P., Gestion Energetica S.A. E.S.P (GENSA), EMGENSA S.A. E.S.P, and Corficolombiana.
EPM also has stakes in BBVA Colombia, Banco Davivienda and Acerias Paz del Rio.
EPM's board in July approved the sale of its indirect holdings in Chilean companies Aguas de Antofagasta S.A. and the Los Cururos Wind Farm.
EPM suffered a severe problem earlier this year with the near-collapse of the hydroelectric power plant Hidroituango caused by an increase in the flow of the river that supplies it.
The plant, which had been scheduled to open by year-end, was forced to delay operation for three years, meaning EPM will no longer receive some 4 trillion pesos by 2021.
Reporting by Nelson Bocanegra Writing by Helen Murphy Editing by James Dalgleish from Reuters .
reuters.com 10 30 2018
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