Colombia Stock Movers: Canacol Energy Ltd., Empresa de Energia
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:06 a.m. local time.
The IGBC Index dropped 1.1 percent to 12,910.17, while the Colcap Index fell 0.9 percent to 1,592.28.
The company said it entered into an agreement to acquire all of the fully-diluted common shares of an unnamed private company in a transaction to close next month, according to a regulatory filing today. The private company has interests in eight exploration and production blocks in Colombia, including in the Llanos, Caguan-Putumayo and Middle Magdalena basins, the filing said.
Empresa de Energia de Bogota SA (EEB) , Colombia’s second-biggest electricity transporter, fell 0.8 percent to 1,195 pesos, the lowest intraday level since March 2010. The company’s new shares began trading today after it sold 772 billion pesos ($402 million) in an offering that ended Oct. 27.
Investors who oversubscribed in the share sale may be selling off unwanted stock after the offering did not reach the high-end of its goal to sell between 700 billion and 1 trillion pesos, said Juan David Ballen, an analyst at Bogota-based Alianza Valores SA.
Colombia’s stock exchange said Nov. 2 that total demand for the share sale was 917 billion pesos.
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