The president of majority state-owned Ecopetrol said that the board of directors of the petroleum company are studying the process of increasing capital by 9.9%, Caracol Radio reported Friday.
Ecopetrol President Javier Gutierrez said that right now the company is carrying out the necessary procedures before the relevant authorities to be able to issue new shares.
Gutierrez also said that once all the procedures have been concluded, the schedule for the sale will be announced and that the sale will be done through the Colombia Stock Exchange, BVC. Currently each share of the petroleum company is trading in the stock exchange at $2.25.
According to market analysts the new share issuance could be implemented before the end of the year.