Pacific Falls to Record Low in Bogota After Lazard Reduces Stake

Pacific Rubiales Energy Corp., the operator of Colombia’s largest oil field, slumped to a record low Friday after Lazard, the second-largest shareholder, reported a reduction in its stake.

The stock lost 4.5 percent to 5,150 pesos at 2:21 p.m. in Bogota, the lowest since they began trading in Colombia in 2009.

Lazard said in a filing that it has sold 15.7 million shares for or on behalf of investment-advisory clients, representing about 3.2 percent of the total outstanding. The sales took place since the date of the last filing, which wasn’t specified.

Pacific Rubiales’s shares have slumped 85 percent in the past 12 months, almost twice as much as regional peers, amid a fall in oil prices and after it announced that a contract to operate Colombia’s largest oil field won’t be extended.

Alfa SAB, the Mexican conglomerate, is the largest shareholder, with 19 percent of the total outstanding, data compiled by Bloomberg show.

Representatives of both Lazard and Pacific Rubiales declined to comment.

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