Ecopetrol filed an amendment to give effect and formalize changes to its
bylaws approved by its General Shareholders' Meeting of 2013
BOGOTA, Colombia, June 14, 2013 /CNW/ - Ecopetrol S.A. (NYSE: EC; BVC:
ECOPETROL; TSX: ECP) announces that the amendment to its bylaws approved by
its General Shareholders' Meeting on was formalized in Public Deed No 666 with
Notary 65 of the of the Bogota Circuit and filed to give effect and formalize
the changes to its bylaws on form 01731747.
This amendment gave the Board of Directors the power to authorize the issuance
and placement of non-convertible bonds and other debt securities, as well as
to regulate and approve their respective prospectuses. The aim of this
amendment is to expedite the process in cases where the Company may issue
bonds for financing.
Concretely, two articles of the bylaws of Ecopetrol were amended:
(i) Article eighteen, letter (g) – Functions of the General Shareholders'
(ii) Article twenty six, numbers 12, 29 and 30 of the Functions of the Board
The changes are summarized in the following table.
Approved amendments to the Company's bylaws
PREVIOUS TEXT AMENDED TEXT
ARTICLE EIGHTEEN: FUNCTIONS OF THE ARTICLE EIGHTEEN: FUNCTIONS OF THE
SHAREHOLDERS' GENERAL ASSEMBLY.- SHAREHOLDERS' GENERAL ASSEMBLY.-
The Shareholders' General Assembly The Shareholders' General Assembly
shall exercise the following shall exercise the following
functions, both at its regular and functions, both at its regular and
extraordinary meetings: extraordinary meetings:
(g) Authorize any issuance and (g) Authorize any issuance and
placement of shares, as well as to placement of shares, as well as
order any issuance of convertible any issuance of convertible bonds,
bonds, whether these are or not to whether these are to be
be convertible into ordinary or convertible into ordinary or
preferred shares. preferred shares.
ARTICLE TWENTY-SIX: FUNCTIONS: ARTICLE TWENTY-SIX: FUNCTIONS:
Functions of the Board of Functions of the Board of
12) Regulate the issuance and 12) Regulate the issuance and
placement of THE COMPANY's bonds placement of THE COMPANY's shares
and shares and approve their and approve their respective
respective prospectuses. In any prospectuses. In any event, the
event, the Board of Directors may Board of Directors may delegate
delegate the following to the the following to the President of
President of THE COMPANY: approval THE COMPANY: approval of the
of the subscription regulation, subscription regulation, the
the issuance prospectus and all issuance prospectus and all other
other documents relating to the documents relating to the issuance
issuance and placement of shares and placement of shares.
29) Authorize the issuance and
29) All other functions assigned placement of THE COMPANY's bonds,
by Law, these Bylaws and the provided such bonds are not
Corporate Governance Code. convertible into shares, and other
debt securities or instruments
that enable the financing of THE
COMPANY, regulate them and approve
their respective prospectuses. In
any event, the Board of Directors
may delegate the following
functions to the President of THE
COMPANY: the approval of the
subscription regulation, the
issuance prospectus and all other
documents relating to the issuance
and placement of securities or
30) All other functions assigned
by Law, these Bylaws and the
Corporate Governance Code.
Ecopetrol is Colombia's largest integrated oil & gas company, where it
accounts for 60% of total production. It is one of the top 50 oil companies in
the world and the fourth largest oil company in Latin America. The Company is
also involved in exploration and production activities in Brazil, Peru and the
United States Gulf Coast, and owns the main refineries in Colombia, most of
the network of oil and multiple purpose pipelines in the country,
petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of
the business, estimates for operating and financial results, and those related
to growth prospects of Ecopetrol. These are merely projections and, as such,
are based exclusively on the expectations of management concerning the future
of the business and its continued access to capital to fund the Company's
business plan. Such forward-looking statements depend, substantially, on
changes in market conditions, government regulations, competitive pressures,
the performance of the Colombian economy and the industry, among other
factors; therefore, they are subject to change without prior notice.
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Investor Relations, Alejandro Giraldo, Phone: +571-234-5190, Email:
email@example.com, Media Relations (Colombia), Mauricio Tellez,
Phone: + 571-2345377, Fax: +571-2344480, Email: firstname.lastname@example.org,
SOURCE: Ecopetrol S.A.
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CO: Ecopetrol S.A.
NI: OIL UTI FIN
-0- Jun/14/2013 21:10 GMT
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