Medellín based utility company EPM (Empresas Públicas de Medellín) announced last week that it has decided to pause the planned first stage of the sale of its shares in Interconexión Eléctrica S.A. (ISA). Currently, in this process, 112,605,547 ordinary shares, equivalent to 10.17% of the total shares in which the company’s capital stock is divided, were offered to the recipients of special conditions.
This determination was made because during the term of the offer and after the publication of the financial results of ISA obtained in 2018, there was a significant increase in the price of the share price of ISA on the Colombian Stock Exchange Bolsa de Valores de Colombia (BVC). Therefore, says EPM’s management, it is necessary to evaluate a potential readjustment in the sale price of the shares established for its first stage, which was scheduled for the next few days.
The new conditions under which the public offer of sale will continue in the first stage will be announced through the publication of a resumption notice, under the terms of the disposal regulation.
EPM emphasized that the sale of its Chile assets are continuing as planned.