Changes to the contract with the construction company Odebrecht have enabled the Panamanian government to increase its stake in the plant from 23% to 49%.
Having renegotiated the contract with the construction company Odebrecht, an agreement was reached to establish the shareholding of the state through the Odebrecht (Egesa) and it was also established that the State will not fund cost overruns associated with the rise in the price of building materials.
The Italian company Enel Green Power will be selling its stake in the geothermal electricity station LaGeo, which could end to the dispute between the company and the Salvadoran government.
As outlined in an article on Laprensagrafica.com, a transfer of the 36.2% stake belonging to Enel has been valued at $280 million, payable via a trust based on the future flows from LaGeo, an instrument which must be operational before December 15th, 2014. This trust will be later extended to $480 million, a figure that casts doubts on the total price of the Enel shares.
Still far from reaching the pre-crisis level of 2004, the number of investors has increased driven by process improvements and lower minimum investment amounts.
Data from the General Superintendence of Securities (Sugeval) reveals that 2013 closed with a total of 49,945 investors, 6,124 more than last year. However, the fund market is still below the more than 67,000 investors who participated pre the 2004 crisis.
The Costa Rica Financial Supervisory Authority is proposing changes to the minimum number of investors required to keep a fund running.
The controversy generated on June 2 over the reduction of the minimum number of investors needed for investment funds led the regulatory authority of the financial market to propose a new change to the rules, with the difference being this time the moment of constitution of the fund from the operational stage.
For a total of $305 million, the company from Colombia has acquired more than half of the assets of the French multinational Lafarge in Honduras.
"We have acquired facilities which have extraordinary efficiency and quality in the target region, but also under economic conditions which are attractive and have high growth potential," said Jorge Mario Velasquez, president of Argos.
The Commission to Promote Competition in Costa Rica has approved the purchase of 100% of the shares of the company Incesa by OC International Hondings.
Elfinancierocr.com publishes "The request made by OC International was presented on May 7 and once the required documentation had been submitted they proceeded to analyze the appropriateness of the transaction in the light of the provisions of the Competition Act."
The verification commission has concluded that all of the companies interested in buying the 51% stake in the electricity distributors are eligible to submit bids.
"The commissioners began evaluations on July 14, after the National Authority of Public Services (ASEP) received documentation from companies interested in the stake, including proposals from the existing concessionaires Gas Natural Fenosa and Elektra Noreste SA who wish to continue offering the service," reported Prensa.com.
A draft law states that 75% of the shareholders of companies engaged in maritime services should be of Panamanian nationality.
Modification of Decree Law 8 of February 26, 1998 has not yet been agreed with the various sectors, but it is assumed it will be discussed in the next few days in Congress. "The proposal aims to establish that 75% of the shares of public companies who register a boat to provide ancillary services to the maritime industry are in the hands of Panamanians", reported Prensa.com.
Organización Corona has announced the signing of an agreement to acquire the majority of Incesa's shares and the brand American Standard for Central America.
The Colombian company, which specializes in the manufacturing and marketing of building materials, expects that the transaction will be formalized in the third quarter of 2013, following the approval of the authorities of each country.
On April 19 the prequalification process will be held for companies interested in buying 51% of the shares of the electricity distribution companies in Panama.
"In the tender separate proposals may be submitted for the purchase of 51% shares of Metro Oeste, S.A. (Edemet), Elektra Noreste, S.A. (Ensa) and Empresa de Distribución Eléctrica Chiriquí, S.A.", reported Prensa.com.
CEL has filed a motion to quash the ruling that would allow Enel to have a majority stake in LaGeo geothermal plant.
Tóchez Irving, president of the Commission of the Lempa River Hydroelectric Executive, said: "It is inappropriate to put a country’s strategic resource, such as a geothermal plant, into private hands," when presenting the proceedings before the court of appeals in Paris, France.
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