Bloomberg News

Colombian Stocks: ETB, Interconexion Electrica, Petrominerales

February 28, 2012

The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:24 a.m. local time.

The IGBC Index (IGBC) fell 1 percent to 14,655.01, while the Colcap Index dropped 0.9 percent to 1,690.72.

Empresa de Telecomunicaciones de Bogota SA (ETB CB), the telephone company serving Colombia’s capital, declined the most in seven months after the board of directors said it will propose to withhold dividend payments to fund its expansion plans.

ETB, as the company is known, fell 8 percent, the most intraday since July 25, to 451 pesos. ETB’s board said it will propose in a March 28 shareholders meeting that the company not pay a dividend in order to boost investment in a two-year strategic plan aimed at “seeking new lines of business and modernizing the company,” according to a regulatory filing yesterday.

Interconexion Electrica SA (ISA) , a Colombian energy company, fell 1.8 percent to 11,020, the lowest intraday level in two weeks. The company said its 2011 profit fell 2.1 percent to 337 billion pesos ($191 million), missing analysts’ estimates.

Net income was 344 billion pesos in the year-earlier period, the company known as ISA said yesterday in a statement on the website of Colombia’s securities regulator. Two analysts surveyed by Bloomberg had a median estimate of 402.3 billion pesos.

Petrominerales Ltd. (PMGC) (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, dropped for a second day, falling 11 percent to a two-month low of 30,020 pesos. Shares plunged 29 percent over two days, the biggest two-day decline since the stock began trading in August.

Proved and probable reserves for 2011 totaled 51.5 million barrels, a 14 percent decrease from the year before, according to a regulatory filing yesterday.

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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