Colombian power transmission company Interconexion Electrica SA ESP (ISA) fell almost 50% on fears that state-owned oil giant Ecopetrol might sell its $252 million stake in the company.
With three straight quarterly declines in oil and gas output, Ecopetrol said in a filing on Oct. 10 that its board approved taking steps toward the sale of some or all of its 5.3% stake in ISA. Ecopetrol hasn’t set a date for a sale and is in the process of obtaining government authorization, according to Bloomberg.
Ecopetrol said last month that proceeds from selling its 6.9 percent stake in EEB would help pay for investments next year.
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