Isagen set to raise US2.4 billion in public offering

By IVCPOST Staff Reporter

Jul 29, 2013 09:15 PM EDT

Colombia Finance Minister Mauricio Cardenas announced that the government is set to raise at an estimated COP4.5 trillion or US$2.4 billion from the sale of its stake in the Andean nation's third-largest electricity provider, Isagen Energia Productiva. The Columbian government said that the proceeds from the sale of its 57.6% stake would be used for investments in infrastructure projects. The projects are set to take place after a new administration comes into office in August 2014. Isagen Energia Productiva owns and operates six electricity generators in the provinces of Santander, Caldas, Antioquia and Tolima.

"The funds are indispensable for the country to make a great leap in terms of infrastructure," Cardenas said. "The process will take some time."

The sale is set to kick off in about 30 days.  The shares will first be offered to Isagen employees, pensioners and employment funds with a price tag of COP2,850 each share. For the second round of offering, the government said that they will sell shares to the general market at a higher price.

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