The court that suspended the Colombian government’s sale of its stake in power producer Isagen SA said it may take two to three months to make a definitive ruling.
The Council of State will consider the three suits that aim to block the sale together, Magistrate Hugo Bastidas said in a reply to e-mailed questions. The cases are of “medium complexity,” he said.
Bastidas ruled to suspend the sale on May 14, saying the court needed time to hear objections before allowing the auction of the government’s 57.6 percent stake to go through. Finance Minister Mauricio Cardenas said timing would be key because concerned bidders may withdraw from the auction, according to an interview in El Tiempo newspaper published Wednesday.
The shares pared gains after rising as much as 3.9 percent earlier in Bogota trading, the first increase since last week’s suspension. The stock fell 12 percent over the previous two days.
Engie, the French energy company formerly known as GDF Suez SA, Brookfield Asset Management Inc. and Chile’s Colbun SA had put down deposits to take part in the auction. Companies remain interested in buying the government’s Isagen stake, Cardenas said in the El Tiempo interview.
A previous suspension had been lifted last May, clearing the way for the sale process that was later postponed in August as the government said would-be bidders asked for a delay.
The government is seeking to raise at least 5.3 trillion pesos ($2.1 billion) in the sale to fund highway projects.