Ecopetrol S.A. responds to information published in the media on the ruling ordering 145 million Invercolsa shares to be returned to Ecopetrol
November 06, 2019 at 07:12 AM EST
BOGOTÁ, Colombia, Nov. 6, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) reports that, as mentioned in certain media and in searches on the Judiciary website, the Colombian Supreme Court of Justice has handed down a ruling upholding the Superior Court of Bogotá's decision invalidating the acquisition in 1997 of 145 million ordinary shares of INVERCOLSA by Mr. Fernando Londoño Hoyos, which means these shares will revert to the property of Ecopetrol S.A., thus increasing its equity stake in INVERCOLSA from 43.35% to 51.88%.
It is important to clarify that the ruling has not been notified to date, and therefore its legal and financial implications will be evaluated in detail once the Company has received the complete text of the court decision.
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
For further information, please contact:
Media Relations (Colombia)
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SOURCE Ecopetrol S.A.