ISA Shareholders Approve Offering

The shareholders of Colombia’s largest energy provider, state-controlled Interconexión Eléctrica SA (ISA), have approved a new share offering by the company. ISA hopes to raise around $218 million from the sale of 88.34 million new shares. The share sale will help fund expansion plans that include the acquisition of the remaining stake in Brazilian electricity company Companhia de Transmissão de Energia Elétrica Paulista (CTEEP). ISA spent around $535 million to take a 49.9% stake in CTEEP in June; it may have to stump up around $430 million to buy the remaining 50.1% share.