Colinversiones Eyes Non-Core Asset Sales

Colombia energy company Colinversiones is seeking to sell its remaining non-core assets for as much as $250m, CEO Juan Guillermo Londono tells LatinFinance. Londono, speaking on the sidelines of the Colombia Day event held at the NYSE, says Colinversiones’ intends to sell 12% of its total assets as non-core. Colinversiones still holds about 2% of insurance conglomerate Suramericana and stakes in real estate assets. In August, Colinversiones sold 3 hotels to New Continents Hotels and The Flagship Hotels, both controlled by Bolivian-born tycoon German Efromovich for about $30m. That divestiture was part of the company’s plan to refocus its business solely on power generation and transmission. “We are receiving expressions of interest from strategics interested in buying industrial safety company Arseg, in which we hold 100%,” London adds. Arseg had total assets of $6m in 2008. Bancolombia is assisting Colinversiones in Arseg’s sale process.