July 5 2016 (Investorideas.com Newswire) The COLCAP index closed at 1313 points equivalent to a daily change of -0.02%. Total turnover reached USD 19.19 mn. The best performers were Mineros (+2.46%) Carvajal Empaques (+1.79%) and BVC (+1.11%). On the other hand the worst performers were Odinsa (-2.22%) Fabricato (-2.00%) and PfGrupoSura (-1.17%).
Today in Colombia
Ontario's Superior Court of Justice granted an order: i) authorizing the filing of the company's plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement through which the Restructuring Transaction would be implemented; ii) authorizing and directing that a meeting of affected creditors of the company be held to consider and vote on the Plan ; iii) setting August 23 2016 as the date for a hearing for court approval of the Plan should the Plan be approved at the Creditors' Meeting; and iv) providing certain additional direction with respect to the procedures for the conduct of voting at the Creditors' Meeting and the procedures for qualifying Supporting Noteholders to receive early consent shares on implementation of the Plan and for affected creditors to receive cash in lieu of common shares under the Plan. Source: Issuer
SFC approved the cancelation of the second tranche of the company's bonds issuance and placement program amounting COP 150 bn. It is important to highlight that this does not modify the inscription of bonds which has not been paid. Source SFC
Colombian Stock Exchange informed that the second stage of Isagen's shares owned by EPM sale program had no offerings. Thus EPM is now authorized to sell 358 mn shares to Brookfield - Private Fund. Source SFC
Suramericana S.A. (subsidiary) has now duly completed the acquisition of Royal & Sun Alliance in Uruguay. With this closing the aforementioned company is now part of the SURA conglomerate. This is the last of the companies acquired from the RSA Insurance Group following on from those in Brazil Colombia Chile Argentina and Mexico which were finalized in February March April and May of this year. With this new operation in Uruguay Suramericana has successfully completed the entire acquisition of RSA's Latin American operations. Source: SFC
The company informed that its subsidiary TRECSA subscribed a credit contract with Citibank Europe PLC UK Branch and the Canadian export agency Exporting Development Canada amounting USD 87 mn. Such resources will be destined to fund PET 1-2009 project whose deadline is on June 28 2028. The credit will be guaranteed by EEB with the approval of the Ministry of Finance. Source: SFC
On the other hand Astrid Alvarez company's CEO informed that "Proyecto Norte" is currently delayed due to issues regarding local communities. Nowadays the project does not have overruns however Alvarez affirmed that such overruns could amount 20% if the delay is not controlled. It is important to highlight that this project would supply the energy demand of Cundinamarca Bogota Meta and Tolima. Source: Data iFX
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