Enel doubles stake in Panama's Fortuna to 49 pct for 161.3 mln usd UPDATE |
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Fri, 02 Feb 2007 16:40
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(Shows Enel acquired the stake from CDC Group unit Globeleq)MILAN (AFX) - Enel SpA said it has acquired a further 24.45 pct indirect stake in EGE Fortuna SA for 161.3 mln usd, or 124.5 mln eur, to double its overall stake in the Panamanian hydroelectric company to 49 pct.'The increased stake allows Enel to have full operating control of Fortuna,' a company statement said, adding that Fortuna are presents for Enel Latin America an excellent base to expand its hydroelectric portfolio'.The stake was acquired from Globeleq, a wholly owned unit of UK-based private equity fund CDC Group PLC.Fortuna is one of the main electricity producers in Panama with a 30 pct market share.It operates an hydroelectric plant of 300 MW of installed capacity in the Chiriqui province.Fortuna's 2005 revenues were 128.7 mln usd and its operating profit was 66.6 mln, it said.The other shareholders of Fortuna are the government of Panama, which has 49.9 pct of the share capital, and the pension fund of Fortuna's employees, which has a 1.1 interest.danilo.masoni@thomson.comdm/jr/dm/jrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Enel doubles stake in Panama's Fortuna to 49 pct for 161.3 mln usd 