Daily Colombian Equities Bulletin and Fundamentals 4-11-14
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April 10, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,668 points (+0.75%).Total turnover reached USD 94 mn. The best performers were Nutresa (+2.85%), Cemex Latam (+2.82%) and Exito (+2.38%). On the other hand, the worst performers were Carvajal Empaques (-3.45%), Mineros (-2.48%) and Pacific Rubiales (-2.33%).
Today on TGI's conference call, EEB's CFO, Felipe Castilla, explained the timetable and the financing plan to complete the acquisition of the 31.92% stake in TGI (announced last Friday). The company estimates to make the Share Purchase Agreement on June 27th 2014 and the deadline for closing the transaction will be on July 2nd 2014.
Castilla also explained that they will create two special purpose vehicles to make the transaction payment, which will be financed by i) short-term debt and cash (USD 264 million) and ii) financial debt (USD 616 million). Castilla also reiterated that this transaction does not interfere with EEB's plan to purchase Isagen. Source: EEB, Corredores Asociados
The Colombian Court hasn't yet begun to study 3 motions from the government against its decision to temporarily suspend planned sale of stake in Isagen. Magistrate Maria Claudia Rojas, president of Colombia's Council of State, says the Council will study appeals after Easter Holiday, and sees Isagen Sale Ruling After May 8.
Sura Asset Management sells USD 500 mn of 10Y Bonds to yield 4.93%. Demand was USD 4.3 billion. Source: Bloomberg
Minister of Mines and Energy, Amylkar Acosta, said yesterday that Ecopetrol and Chevron are structuring a project to build a dual plant in Ballenas, Riohacha to import and export gas. This would give confidence to the energy sector in case the "El niño Phenomenon" requires all thermal power plants to operate at maximum levels. Source: La República
Announces that as a result of the concluded issuance of one hundred and ten million Preferred Shares, Bancolombia's subscribed capital amounts to approximately COP 480,913,500,000. Source: SuperFinanciera
Cundinamarca's Administrative Court endorses the executive process (embargo) that ETB undertook against Claro-Comcel. According to the embargo, Claro should paid ETB approximately USD 107 million. Source: Dataifx
Equity Market Participants (March):
In March, 2014 the group of Foreigners led net purchases (USD 280 millions), accounting for almost twice the February amount, Pension Funds led the net sellers (USD 169 millions). Meanwhile, in the last 12M, the group of brokerages led the net purchasers (USD 1.1 Billions). Source: BVC
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