Colombia’s Empresas Públicas de Medellín (EPM) sold 13.2% of the shares it held in the ISA conglomerate, for about 233,633 million pesos (US $ 73.3 million), the stock exchange reported on Wednesday.
The sale amounted to 14,881,134 EPM shares in ISA at a price of 15,700 pesos per share.
The awarded shares are part of a public offering in which EPM plans to sell the 112,605,547 shares it has in ISA, with which it expects to raise a total of approximately 1.76 billion pesos (US $ 552.2 million).
The sale process had been interrupted last March to reevaluate the price of its shares in ISA, which is equivalent to 10.17% of that company.
The sale of EPM shares in ISA is part of a plan to exit some of its shares in several companies to get up to 4 billion pesos (US $ 1.255 billion) to ensure liquidity after the impact due to problems in the construction of a hydroelectric power station.
EPM is a public water, energy and natural gas utility company that serves Medellín and more than 100 municipalities in the department of Antioquia, while ISA is a business group with energy, roads and telecommunications businesses in Colombia, Brazil, Chile, Peru, Bolivia, Argentina and Central America.