28 August 2003 – Columbia’s Empresas Publica de Medellin (EPM) has bought majority interests in two troubled electricity company in the country’s coffee growing region according to an announcement from the Ministry of Mines and Energy Wednesday.
EPM will buy 56 per cent of the shares in both Central Hidroelectrica de Caldas E.S.P. (CHES) and the Empresa del Quindio E.S.P. at a cost of $60.6m and $8.5m respectively.
“With this injection of capital, the companies regain their viability and the region maintains strengthened companies that can offer service,” said a release from the Mines and Energy Ministry.
Although EPM effectively owns the companies, the government will allow regional stockholders the possibility of acquiring options under beneficial conditions.