Bloomberg News

Colombian Stock Movers: Petrominerales, Empresa de Energia Gain

December 16, 2011

Dec. 16 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:40 a.m. local time.

The IGBC Index rose 0.7 percent to 12,404.00, while the Colcap Index gained 0.5 percent to 1,548.96.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity distributor, climbed 2.2 percent to 1,145 pesos. Investors are betting the plan of Bogota Mayor- elect Gustavo Petro to merge the company with other city-run public utilities may not be viable, said Omar Escorcia, an analyst at Asesores en Valores SA.

Petro’s plan to reduce utility costs for Bogota residents by merging EEB, as the company is known, with other companies will be complicated by the fact that Emgesa and Coensa, EEB- controlled electricity generation and distribution companies, also have other shareholders, he said.

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, rose 2.6 percent to 30,300 pesos. The company will pay fourth-quarter dividends on Jan. 13 to shareholders registered as of Dec. 31. The dividend will be C$0.125 per share, according to a regulatory filing.

--Editors: Glenn Kalinoski, Brendan Walsh

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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