REN reached agreement to buy 42,5% of the share capital of the Electrogas SA to Enel Origin Chile for 180 million dollars, more than 172 million euros, according to the information sent to the Commission on the Securities Market (CMVM) on the morning of 19 December.
This company has a “pipeline in the central zone of Chile (165,6 km long”. “This is a pipeline of great relevance in the country, which connects the regasification terminal in Quintero Santiago (the capital and the largest population centre of chile) and Valparaiso (one of the most important ports of Chile)”.
According to the information sent by the company leads by Rodrigo Costa (in the photo) to the regulator of the Portuguese stock market, this purchase “will be implemented through a company of the REN group, and is subject to, the terms of the contract, the verification of a set of conditions precedent, among which the non-exercise of the right of pre-emption by the other shareholders of Electrogas”.
The operation, if it occurs, is the statement sent to the CMVM, will be an important milestone in the internationalization of the REN and fits in the strategic plan approved by the board of directors of REN for 2015-2018″.
“REN seeks to meet one of its objectives in the medium and long term to acquire a relevant stake in an asset to be framed within one of the sectors where it holds extensive experience and in a country with a stable economy and competitive”, can be read even in the statement.
in the last Friday, the agency EFE, quoted by Expansión, advanced that Enel Origin Chile, had reached a understanding to sell the stake it held in Electrogas. In a statement sent to the regulator of that country was not, however, clarified who was the buyer of more than 40% of the shares.
The company says that despite this acquisition, “Portugal will continue to be the main market of REN, where it will continue to invest to ensure the infrastructure needs of electricity and natural gas in the long term, with a permanent guidance for the improvement of the performance and quality of service, in order to provide a service that is reliable, safe and efficient manner at the lowest possible cost for the country and for consumers.”
REN aware of the opportunities abroad
The operation that is in progress takes place after, in May of last year, the company has revealed that it was aware of the opportunities outside the national borders. At the time, the listed company revealed that it expected to invest up to 900 million euros in the international area over the following three years (until 2018). Part of this value may include the purchase of assets abroad, with the company aware of the opportunities of the acquisition.
Latin America and Africa – where it already holds a project in the Cahora Bassa, in Mozambique – as well as Europe were, at the time, pointed out as the main areas of interest of the REN. Still, “the focus continues to be Portugal”.
Now adds, “andthis investment is framed in a growth strategy conservative, and according to the size and financial capacity of the REN”.
(News last updated at 08:25)
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