Corfo Sells Down Essal Stake

Corporacion de Fomento de la Produccion (Corfo) has raised CLP42.65bn ($88m) from the sale of shares in water utility Essal in a public auction, it says. It sold 387.7m shares at CLP110 each, in a sale that cuts its 40% position to 5%. The sale is part of a plan across Chilean government-backed entities to raise funds to help the government fund earthquake repair costs, and was initially attempted in December. Corfo has also sold positions in Aguas Andinas, Essbio and Esval. Banchile and IMTrust managed the sale.