National Government Issues Decree Approving Program for the Divestment of Shares Owned by Ecopetrol S.A. in Empresa de Energia de Bogota S.A. E.S.P.
November 19, 2014 at 09:16 AM EST
BOGOTA, Nov. 19, 2014 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announces that the national government has issued Decree 2305 of November 13, 2014, approving the Program for the Divestment of Ecopetrol's share interest in Empresa de Energia de Bogota S.A. E.S.P.
The divestment process will proceed subject to the provisions of Law 226 of 1995, decree 2305 of November 13, 2014, and the documents that govern the offer, which will be duly disclosed to the market in accordance with applicable guidelines.
Ecopetrol S.A.'s share interest in Empresa de Energia de Bogota S.A. E.S.P. is 631,098,000 Common Shares (equivalent to 6.8738% of the shares subscribed and paid).
The price per share for the first stage of the process, which deals with recipients of the special conditions contained in Articles 3 of Law 226 of 1995 and 16 of Law 789 of 2002, will be $1,740 Colombian pesos per share.
The proceeds from the divestiture will be used for Ecopetrol S.A.'s general corporate purposes, including financing the investment plan.
The complete decree can be viewed on the following website:
Ecopetrol is the largest company in Colombia and is integrated into the oil chain; it is among the 50 major oil companies in the world and among the four main ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it is present in exploration and production activities in Brazil, Peru & US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
This report contains statements associated with the business perspectives, estimates for operational and financial outcomes and affirmations associated to Ecopetrol's growth. All the above are projections, and as such are solely based on the expectations of its directors with respect to the future of the company and its ongoing access to capital to fund the company's commercial plan. The realization of such estimates in the future depends on market conditions, regulations, competitiveness, performance of Colombia's economy and industry, to mention a few; therefore, they are subject to changes without previous notice.
For further information, please contact:
Media Relations (Colombia)
SOURCE Ecopetrol S.A.