Bogota Seeks to Sell Up to $1.2 Billion EEB Stake; Keep Controlby
City will seek to sell up to 20% of its 76% stake in EEB
Sale to raise funds for infrastructure mobility projects
Colombia’s capital said it was seeking to sell up to a 20 percent stake in Empresa de Energia de Bogota SA, the city-controlled power utility, to raise funds for eight road projects.
Bogota would use the money to help finance trolleys and electric buses to improve the city’s mobility, while still maintaining a controlling 56 percent stake in the company, according to a filing. A 20 percent stake in EEB, as the company is known, would be worth about $1.2 billion at today’s closing price.
Bogota Mayor Enrique Penalosa, who started his term this year, has also been trying to sell the city’s stake in Empresa de Telecomunicaciones, known as ETB, which has a market value of $725 million. The announcement was made as the mayor’s office asks the city council to approve the sale of the EEB stake.
Earlier this week, EEB announced a separate process to sell small stakes in other companies as it unveiled a new corporate strategy.