The distributor provides electricity in the east and western parts of Guatemala.
The source at Union Fenosa in Guatemala said that he is unaware of the local implication of the sale. Gas Natural is looking to gain 100% control of all UF companies in the world, displacing local investors.
Due to the classification of TECO Guatemala as discontinued operations, TECO Energy is revising its earnings-per-share guidance from continuing operations for 2012 to a range between $1.10 and $1.20, excluding charges or gains.
TAMPA, September 28, 2012
TECO Energy (NYSE: TE) today announced that its international power subsidiary, TECO Guatemala, has entered into separate agreements to sell all of the equity interests in the Alborada and San José power stations and related solid fuel handling and port facilities in Guatemala for a total purchase price of $227.5 million in cash. The purchaser of the Alborada Power Station is Sur Electrica Holding Ltd. (SUR). The purchaser of the San José Power Stations and related solid fuel handling and port facilities is Renewable Energy Investments Guatemala Ltd. (REIN), a wholly-owned subsidiary of SUR. SUR and REIN are international companies organized under the laws of the Commonwealth of the Bahamas.
The private fund, Guatefondo, is the first investment company that will sell shares on the National Stock Exchange (BVN).
Guatefondo has an authorized starting capital of US$25 million with 25 thousand shares at a nominal value of US$1,000 each. These can be acquired at the National Stock Exchange in multiples of $1000, and may be resold in the secondary market based on current price and conditions, explained Gustavo Steiger, Director of Administradora de Inversiones, the company in charge of the fund.
$31.72 billion were traded in the first 11 months of 2009, 40.4% more than the same period of 2008.
From January to November 2008 $22.58 billion were traded, according to data from Guatemala's National Stock Exchange (BVN).
"Martha Eugenia Coronado, BVN's marketing sub-chief, said the increase happened because there is a cultural shift, companies now see the Stock Market as a means of getting financing, and both investors and issuers gain more confidence in the system", reports Prensalibre.com.
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