Colombian Stocks: Petrominerales, Carvajal Empaques, Ecopetrol

The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of 12:46 p.m. local time.

The IGBC Index (IGBC) dropped 1.1 percent to 13,972.40, while the Colcap Index (COLCAP) decreased 1 percent to 1,663.58.

Petrominerales Ltd. (PMGC) , a Calgary-based oil company that operates in the Andean region, dropped 0.4 percent to 22,700 pesos. The company agreed to buy the remaining 20 percent working interest of three Peru blocks from Veraz Petroleum Ltd. for $5 million, payable in common shares of Petrominerales, according to a press statement. The transaction is expected to close in late July, according to the statement.

Carvajal Empaques SA (PFCARPAK) , the packaging unit of Colombian holding company Carvajal SA, dropped 2.5 percent to 5,170 pesos in its first day of trading. Carvajal Empaques raised about 195.8 billion pesos ($107.7 million) in its initial public offering, according to a May 29 regulatory filing. The company was seeking to raise as much as 212 billion pesos, according to a May 2 regulatory filing.

Other oil producers fell as crude prices traded near the lowest level in eight months.

Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, dropped 1.3 percent to 5,270 pesos. Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, fell 2.2 percent to 1,125 pesos. Pacific Rubiales Energy Corp. (PRE) , which operates Colombia’s largest oil field, decreased 0.7 percent to 44,080 pesos.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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