Achievement of Mrs. Sandra Fonseca former CEO of Empresa de Energía de Bogotá and new management
15 September 2014
- The Board of Directors highlights the fact that EEB is currently at its peak performance and acknowledges management from the company’s former CEO, Mrs. Sandra Fonseca. However, the Board has decided to change management in order to improve relations between the company and its partners in Grupo Energía de Bogotá –GEB (EMGESA and CODENSA).
- EEB appoints Mr. Ricardo Roa Barragan as the new CEO. Mr. Roa was the former President of TGI, an affiliate of GEB.
Bogota, 15 September2014 – The Board of Directors highlights the fact that EEB is currently at its peak performance and acknowledges management of the outgoing CEO. Notwithstanding the above, it has decided on new management to improve relations between the company and its partners in Grupo Energía de Bogotá (EMGESA and CODENSA); and maintain EEB’s growth, soundness and expansion pace in Colombia and abroad. To replace Mrs. Fonseca, the Board has appointed Mr. Ricardo Roa Barragan, President of TGI, one of the most important affiliate companies of GEB, with whom it ensures management continuity.
Mrs. Sandra Fonseca Arenas, the outgoing CEO of EEB, headquarters to Grupo Energía de Bogota, GEB, has successfully led the company as of February 2013, achieving performance improvements with net profits amounting to 33% during 1Q 2014. During 2014, the company delivered dividends for COP$590.534 million vis-à-vis those delivered in 2013, which amounted to COP$403.605 million, increasing dividends by 47%, and improving its debt rating to investment grade in addition to improving the company’s perspective from stable to positive.
This company shows one of the best performance in the Colombian market, and its share has a growing trend and has been maintained well above market average during the past two years. EEB is among the leading companies in the region, where it is of paramount importance to respect its technical and strategic reputation and responsible growth, with undeniable results in terms of profitability for the city of Bogota and other shareholders.
In order to consolidate its performance and to guarantee continuity and improvement of relations with partners, the Board decided to appoint Mr. Ricardo Roa Barragan, a mechanical Engineer and electro-mechanic technician from Universidad Nacional de Colombia, specialized in Engineering Management Systems from Pontificia Universidad Javeriana and candidate to a Masters’ degree on Political Studies from that same university.
Mr. Roa Barragan is a renowned professional with ample experience in the power sector in topics such as planning, direction, administration, surveys and development of activities and projects in areas such as generation, transmission, distribution and commercialization of power and gas among others. Similarly, Mr. Roa has been a faculty member of Universidad Nacional de Colombia, Externado de Colombia, Universidad Autonoma de Bucaramanga and Antonio Nariño.
Mr. Roa has also participated as Board member of CODENSA, EMGESA, GAS NATURAL, REP PERU, CALIDDA, CONTUGAS and TRECSA, companies in which EEB holds portfolio investments , therefore continuity in terms of knowledge and the mandate to execute the guidelines set forth by the Board of Directors are ensured and in this manner achieve balanced and harmonious relations between partners. Mr. Roa has also participated as Director of ANDESCO and NATURGAS, among other renowned companies. He was currently the Chair of Empresa de Energía de Cundinamarca – EEC.
About Grupo Energía de Bogotá
Grupo Energia de Bogotá (GEB) is the leading corporation in the Colombian power sector. Through EEB, GEB transports electricity to the most significant markets in terms of demand and size in the country, in addition to controlling the largest natural gas transportation company in Colombia, TGI S.A. In Peru, its subsidiary CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Region, while CALIDDA is in charge of natural gas distribution in Lima and Callao. In that same country, together with ISA, GEB holds a stake in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, GEB established TRECSA -Transportadora de Energía Centroamericana S.A.- currently building the most important infrastructure Project in Guatemala that will render electricity transmission services as of 2015. Furthermore, GEB holds an investment portfolio in the most important companies in the electricity and natural gas sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., Empresa de Energía de Cundinamarca - EEC and Electrificadora del Meta, EMSA and to a lesser extent ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its subsidiaries EEB Ingeniería y Servicios. In 2014, Empresa de Movilidad de Bogotá SAS E.S.P., was constituted as subsidiary related to the development of electrical mobility projects