Colombia’s state-run power generator Isagen SA ESP has received the go-ahead to list its shares on the New York Stock Exchange and will start trading Tuesday, a company official said.
The Medellin-based firm said in a statement that the U.S. Securities and Exchange Commission approved Friday the company’s proposal for its shares to be listed as Level 1 American depositary receipts, or ADRs.
Each Isagen ADR, which will be listed under the ticket symbol ISAGY, will equal 10 of its ordinary shares traded on the Colombian Stock Exchange and will be traded in the over the counter market, the company said.
A company official at Isagen, who asked not to be named, said ADR trading begins Tuesday given that U.S. markets are closed Monday.
Isagen shares were unchanged mid morning Monday in Bogota at 2,080 pesos. Last year, Isagen shares fell 20% compared with a 14% decline in Colombia’s benchmark Colcap index.
The company, which proposed the ADR listing last August, becomes the third Colombian firm to have a full ADR in the U.S., along with Bancolombia SA (CIB, BCOLOMBIA.BO), Colombia’s largest bank; and Ecopetrol SA, the state-controlled oil firm.
Isagen is working on a massive 3,000-megawatt hydropower plant in northeastern Colombia to boost its capacity. The dam, to be built on the Sogamoso River in Santander province, will cost about $2.2 billion.