This Thursday, April 21, Empresas Públicas de Medellín (EPM) presented to the plenary session of the City Council the valuation of its participation in the companies UNE and Intervelco, which they seek to sell in order to recover resources for their project to implement the investment plan for the coming years.
According to EPM, the estimated value of the shares held in the two companies is between 2.3 billion pesos and 2.8 trillion pesos, a figure that was valued thanks to the support of investment banking advisors BTG Pactual, Altman Solon (strategic-market advisor), Philippi Prietocarrizosa Ferrero Du & Uría (legal advisor) and PwC -PricewaterhouseCoopers- (financial-tax advisor).
In the event that the Medellín Council approves the sale of the shares, EPM indicated that it will be its Board of Directors that will finally approve the decision, taking into account the market circumstances, the financial results of UNE and Intervelco and the macroeconomic conditions of the moment.
Once the process has the green light, EPM will consider several points to establish the price at which the shares will be sold, in accordance with the provisions of Law 226 of 1995.
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According to Empresas Publicas de Medellín, the resources resulting from the disposals, which are expected to come in between 2023 and 2024, will go directly to the EPM budget for the execution of its investment plan.
Meanwhile, the company reiterated its “commitment to the responsible management of public resources and their sustainability in order to continue contributing to the development of the city and the quality of life of the community.”
Last Friday, April 1, Empresas Públicas de Medellín (EPM) announced which companies will finish the works of the final phase of Hidroituango, after the deadline for both domestic and foreign legal entities to participate in the application to make part of the final works of the hydroelectric project.
According to EPM, the companies that will be part of the culmination of Hidroituango are:
1. Yellow River Co Ltd.
2. Schrader Camargo Ingenieros Associates SA
3. Ingema SA.
4. Mincivil SA.
5. Coindustrial Thermotechnics SAS.
6. Sinohydro Corporation Limited.
8. Coninsa Ramon H SA.
9. Servimin SAS.
10. 4 Towers SAS.
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In order to participate in the process, according to Empresas Póblicas de Medellín, the 10 companies had to pay a form of 4 million pesos, due to issues of participation rights.
As for the contract, EPM reported that it will be for public works with an estimated start date of September 1 of this year and with an execution period of just over three years, so if there are no delays, Hidroituango would be completely ready after September 2025.
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