Colombian sale: President Juan Manuel Santos has told Ecopetrol start the placement of 9.9% of its shares
Santos tells Ecopetrol to start share sale
Colombian President Juan Manuel Santos said he had told state-run Ecopetrol to
start the placement of 9.9% of its shares, money from which would be used
mainly for road projects.
News wires
26 November 2010 02:40 GMT
Ecopetrol — 89.9% owned by the state and listed on the Bogota, Lima and New
York stock markets — has already issued 10.1% of the up to 20% authorised
by Colombian lawmakers.
“I’ve given instructions that Ecopetrol initiate the sale process of 9.9%
of its shares, an operation already authorised by the law, so the product of
that sale is invested, principally, in large road development projects,”
Santos said in a speech in the coastal city of Cartagena.
Santos gave no details on the timing of the sale, but officials say they
expect it in the first half of next year, Reuters reported.
Ecopetrol’s board of directors has approved an investment plan for next year
of $6.7 billion whose financing could be obtained from sources including
share issuances.