EPM expects to receive between US $ 1.3 and 1.5 billion for its ISA shares

The general director of Empresas Públicas de Medellin (EPM), Jorge Londoño de la Cuesta, announced an estimate that the company receives more than $ 1 trillion for its shares in ISA.

"ISA's share is quoted on the stock market and its price fluctuates according to market conditions, but we estimate a figure that can range from $ 1.3 trillion to $ 1.5 trillion," he said. declared.

The sale of these shares, as well as those of Antofagasta, to Chile, was taken as a measure to resolve the liquidity problems that the company would face during the period under review. 2019-2020 due to the unforeseen nature and delay of the Hidroituango project.

Being a state-owned company, the decision to put these actions up for sale must be taken by the Medellín Council, which debated yesterday afternoon the Project Agreement 150 , "By which the sale of participations is permitted". At the end of this edition, the vote has not been announced yet.

According to Londoño, to obtain a favorable vote on the sale, EPM must complete the structuring with the investment bank of what would be step by step for the sale. "This is a sale that will not happen this year, the whole process is taking several months and I would say the sale could be in the second quarter of next year," he said. he declared.

In order to improve the liquidity of the company, the sale of badets in which there was little participation or whose sale entailed the best costs, but also considered reducing transfers to the municipality, to increase the debt of the company and reduce investments.

The director of EPM estimated that, for 2018, profits will be close to $ 2 billion, which means that $ 1.1 billion will be transferred to Medellín, in accordance with the development plan for this period four years.

Over the next four years, we expect that the absolute number of transfers will be maintained, that is, if, during this period, this administration received just over $ 4 billion the next administration was to receive just over $ 4 billion. In the first year, they will be in the order of $ 770,000 million, but in the third year, they will reach $ 1.4 billion or $ 1.5 billion, the year in which we considered the introduction Ituango insurance resources, "said Londoño.

On the other hand, according to William Giraldo, vice president of power generation projects at the EPM, the tank will likely begin to flow in a controlled manner, a key step in the closing of the machine park.

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