EEB delivers its opinion on Resolution SIC regarding Isagen’s selling process
22 May 2014
- Empresa Energía de Bogotá (EEB) does not know the scope of the decision issued by the ad-hoc Industry and Trade Superintendant, however it regrets that on the day the process is revived, the former isallegedly confirming that a public company is limited from participating in investing in the country. The Company will study the mechanisms of the respective laws in force to defend its rights.
- In addition, EEB declares that it would expect the National Government and the ad-hoc SIC to apply a non-discriminatory criterion on the concept of integration expressed by SIC to companies interested in ISAGEN’s process.
Bogotá D.C., 22 May 2014. Empresa Energía de Bogotá (EEB), holding of Grupo Energía de Bogotá knew this morning, through the media and the web page of those entities involved, the decision issued by Mr. Luis Guillerno Velez Cabrera, ad hoc Industry and Trade Superintendant regarding the resource of appeal filed by EEB against Resolution 5545 of 6 February 2014.
Similarly, it also knew through the media that the State Council revoked the cautionary measures, which had provisionally suspended the sale of Isagen, undertaken by the Ministry of Finance and Public Credit.
Based on these actions, EEB regrets that the ad hoc Industry and Trade Superintendant anticipated the news on the Resolution before depleting the personal notification process, which had been formally foreseen in the Administrative and Contentious Judicial Review Code.
EEB will verify, jointly with its legal team, if the Resolution issued by the SIC is in accordance with principles governing administrative proceedings and that conditions imposed are non-discriminatory as regards those conditions imposed on other companies prequalified to participate in the bid to purchase 57.61% of Isagen’s shares currently owned by the Nation.
EEB has always believed that it meets all the requirements and it is ready to submit the best offer to acquire Isagen, and thus, it has the opportunity to continue being a public Colombian company, owned by Colombians and for Colombians.
Empresa de Energía de Bogotá (EEB) states that to date is does not know the scope of the decision issued by the ad hoc Industry and Trade Superintendant, however it regrets that on the day the process is revived, the aforementioned entity is allegedly confirming that a public company is limited from participating in investing in the country. Thus, EEB would expect that the National Government and the ad hoc SIC apply a non-discriminatory criterion as regards the concept of integration to all other companies interested in ISAGEN.
As a result, EEB will analyze the scope of such Resolution and will act accordingly. The Company hereby declares that it maintains its commitment with the electric power development of the country, ensuring reliability of electric power services and benefitting users, and thus, will defend and use all legal mechanisms in force to that end.
Mrs. Sandra Stella Fonseca, CEO of EEB, stated that Grupo Energía de Bogotá will execute an investment plan approved exceeding US$7.5 billion in profitable investments in the electric power sector either in Colombia or the region. It further stated that this Group is among the ten best companies in the country, delivering significant profits to its shareholders.
About Grupo Energía de Bogota
Grupo Energia de Bogota is the leading corporation in the Colombian power sector. Through EEB it transports electricity to the most significant markets in terms of demand and size in the country and participates in the distribution of electricity through Empresa de Energía de Cundinamarca – EEC. It controls the largest natural gas carrier in Colombia, TGI S.A. In Peru, its company CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Department, likewise with its company CALIDDA distributes natural gas in the regions of Lima and Callao. In that same country, together with ISA, it holds stocks in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, it established TRECSA - Transportadora de Centroamérica S.A.- in charge of building the most important infrastructure Project in Guatemala and will render electricity transmission services as of 2014. Furthermore, it holds an investment portfolio in important companies in the electric power sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A. 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 affiliates EEB Ingeniería y Servicios