Bloomberg News

Colombia Stock Movers: Canacol Energy Ltd., Empresa de Energia

November 09, 2011

Nov. 9 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:06 a.m. local time.

The IGBC Index dropped 1.1 percent to 12,910.17, while the Colcap Index fell 0.9 percent to 1,592.28.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, fell 0.8 percent to 1,250 pesos.

The company said it entered into an agreement to acquire all of the fully-diluted common shares of an unnamed private company in a transaction to close next month, according to a regulatory filing today. The private company has interests in eight exploration and production blocks in Colombia, including in the Llanos, Caguan-Putumayo and Middle Magdalena basins, the filing said.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity transporter, fell 0.8 percent to 1,195 pesos, the lowest intraday level since March 2010. The company’s new shares began trading today after it sold 772 billion pesos ($402 million) in an offering that ended Oct. 27.

Investors who oversubscribed in the share sale may be selling off unwanted stock after the offering did not reach the high-end of its goal to sell between 700 billion and 1 trillion pesos, said Juan David Ballen, an analyst at Bogota-based Alianza Valores SA.

Colombia’s stock exchange said Nov. 2 that total demand for the share sale was 917 billion pesos.

--Editors: Glenn J. Kalinoski, Richard Richtmyer

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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