Colombian electricity company Celsia said on Monday it raised 1.47 trillion pesos ($515.2 million) during a share issue, funds it will use to increase its stake in another local company and to reduce debt levels.
Celsia CEL.CN issued 330 million shares at 4,480 pesos each after receiving demands for more than 2 trillion pesos.
About half of the money will be used to buy an additional 11.3 percent of Pacific Energy Company (EPSA), of which it already owns a 50 percent stake.
The other half will be used to pay external debt, said Cesia, which is controlled by investment holding Grupo Argos ARG.CN.
“The anticipated payment of external liabilities helps us reduce leverage…which opens up new opportunities to continue executing profitable growth plans,” Celsia President Ricardo Sierra said in a statement.
Grupo Argos now owns 52.93 percent of Celsia, followed by the Pension Fund Administrators (AFPs) with 27.24 percent and the remaining shareholders with 19.83 percent.
Source: Reuters.com