(Adds share price in second paragraph.)
June 15 (Bloomberg) -- Chile’s government sold a minority stake in Aguas Andinas SA, the country’s biggest water company, for $982 million to help finance state-owned companies.
In a placement ceremony on the Santiago exchange today, 1.83 billion shares were sold at 250 pesos each for a total of 459 billion pesos. The shares fell 5.4 percent to 246 pesos at 12:39 p.m. New York time in Santiago trading.
The sale of a 29 percent stake, after a book-building process that concluded yesterday, was led by units of Banco de Chile, Bank of America Corp., Citigroup Inc. and IM Trust SA. The government maintained a 5 percent stake in the company.
Chile’s government is selling minority stakes in water companies worth an estimated $1.6 billion, Economy Minister Juan Andres Fontaine said Dec. 22. Proceeds may also be used to support the government’s earthquake reconstruction efforts, Finance Minister Felipe Larrain said at the time.
Besides Aguas Andinas, the government may sell stakes in Esval SA, Essbio SA and Empresa de Servicios Sanitarios de Los Lagos SA, Fontaine said Dec. 22.
--With assistance from Randall Woods in Santiago. Editors: James Attwood, Marie-France Han
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