Aug. 19 (Bloomberg) -- Organizacion Terpel SA, Colombia’s biggest fuel distributor, advanced on the first day of trading after listing its shares in Bogota.
The stock rose 8.4 percent to 16,000 pesos at 9:54 a.m. in Bogota, up from a reference price of 14,760 pesos set by Bancolombia SA, which structured the deal. The benchmark Colcap index increased 0.7 percent.
The listing gives Terpel’s existing stockholders a venue to sell their shares publicly. Terpel doesn’t have plans to raise capital and expects the deal to provide more liquidity to minority holders with stakes of less than 1 percent each, who hold a combined 20 percent stake, according to Sylvia Escovar, the chief executive officer of Bogota-based Terpel.
“We’re concentrated on growing and modernizing our service stations” including adding car washes, convenience stores and keeping bathrooms “impeccable,” Escovar told reporters at an event in Bogota today. “This gives a potential new source of funding to Terpel for its expansion plan, which isn’t the objective right now, as we have our investment plan already funded.”
Terpel, which is controlled by Chile’s Empresas Copec SA, has more than 2,200 gas and natural-gas stations in countries including Colombia, Ecuador and Panama. It has a 45 percent market share in liquid fuel distribution in Colombia, according to its prospectus.
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