Bloomberg News

Colombian Stocks: Bancolombia Falls; Ecopetrol, Isagen Gain

February 01, 2012

Feb. 1 (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 gained 0.1 percent to 13,870.60, while the Colcap Index was little changed at 1,634.

Bancolombia SA (PFBCOLO CB), Colombia’s biggest lender, fell 2.7 percent, the most in three weeks, to 27,200 pesos.

The bank sold $266.8 million in American depositary receipts in an offering that was about five times oversubscribed, Carlos Raul Yepes, the bank’s president, told reporters today.

The overseas sale is in addition to a Colombia offering of 1.1 trillion pesos ($611 million) that ended Jan. 27, he said. The company sold the preferred shares in Bogota at 26,000 pesos each.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 0.5 percent to 4,625 pesos. The company said its reserves increased 8.3 percent to 1.86 billion barrels in 2011, according to an e-mailed statement yesterday.

Isagen SA (ISAGEN CB), the state-run power producer, rose 3.4 percent, the most in five months, to 2,155 pesos.

The company was picked under a bi-national agreement to develop a geothermal project at three volcanoes along the Colombian-Ecuadorean border that could produce up to 150 MW, according to a statement yesterday on the website of Colombia’s ministry of energy and mines. The ministry said $4 million will be invested in preliminary studies that will end in December 2013.

--Editors: Marie-France Han, Glenn J. Kalinoski

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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