Colombia’s national government is planning on selling its stake in electricity company Isagen for $2.4 billion, the country’s finance minister said on Monday.
Minister Mauricio Cardenas told reporters in Bogota that he hopes to sell the government’s 57.6% stake in the energy company to seek money necessary for infrastructure projects in the country.
“The funds are indispensable for the country to make a great leap in terms of infrastructure,” Cardenas said, adding that the infrastructure investments would “take some time” and are not likely to be made by the current administration of President Juan Manuel Santos.
The sale will kick off in about 30 days, with the shares first offered to its employees, pensioners and employment funds at 2,850 pesos each. In the second round the government will sell shares to the general market at a higher price, Cardenas said.
The energy giant owns and operates six electricity generators in the departments of Antioquia, Santander, Caldas and Tolima.