Gener Approves Share Sale

Shareholders of Chilean power generator AES Gener have approved plans for a share offering of up to CLP153.56bn ($239m). As many as 945m units will be priced at CLP162.50 each, with existing shareholders having preferred rights. Timing is not specified. Proceeds will be used to finance investment in projects under its investment plan. AES Gener plans to raise installed capacity to 5,000MW by 2011, from 3,600. Earlier this month, majority shareholder Inversiones Cachagua raised $175m from the sale of a 9.55% stake in AES Gener through a secondary sale to raise funds to participate in the new offer. Celfin is managing the transaction.