Colombia to Sell Isagen Stake

Colombia finance minister Oscar Zuluaga says the government is interested in selling its 57% stake in electricity generator Isagen and will select an investment bank within 90 days. The government has already received expressions of interest from national and international companies. “We estimate that a sale will take place by October or November,” the minister told a press conference Thursday. While Zuluaga says the stake is valued at around COP3.0trn, Isagen’s total market cap is COP4.9trn, based on a February 26 closing price of COP1,820 per share. The government owns 57% of Isagen, pension funds, and other government-owned infrastructure companies and private investors hold the remaining stake, according to company information. Other government-owned companies with stakes in Isagen are Empresas Publicas de Medellin, Empresa de Energia del Pacifico, Empresa de Energia de Bogota and Financiera Energetica Nacional.