(Reuters) – Colombia’s Finance Minister Mauricio Cardenas said on Monday the government would seek to raise at least 4.5 trillion pesos ($2.4 billion) from the sale of its stake in Isagen, the Andean nation’s third-biggest electricity generator.
“The funds are indispensable for the country to make a great leap in terms of infrastructure,” Cardenas said. “The process will take some time.”
The sale will kick off in about 30 days, with the shares first offered to its employees, pensioners and employment funds at 2,850 pesos each. In the second round the government will sell shares to the general market at a higher price, Cardenas said.
Isagen shares closed at 2,720 pesos, down 0.9 percent from Friday.
Isagen owns and operates six electricity generators in the provinces of Antioquia, Santander, Caldas and Tolima.