Bloomberg News

Colombian Stock Movers: Petrominerales, Empresa de Energia, Sura

December 16, 2011

Dec. 16 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.

The IGBC Index rose 2.2 percent to 12,590.31, while the Colcap Index gained 1.9 percent to 1,571.89.

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 Codensa, EEB- controlled electricity generation and distribution companies, also have other shareholders, he said.

Grupo de Inversiones Suramericana SA (GRUPOSUR CB), parent company of Colombia’s biggest bank, rose 4.8 percent to 32,500 pesos, a six-week high. The company said Chile’s securities regulator approved its acquisition of ING Groep NV’s assets.

The company said in a regulatory filing today that it expects approvals from Uruguay’s authorities in “coming days.”

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, rose 3 percent to 30,420 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 late yesterday.

--Editors: Glenn J. 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


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus