Emsa to invest US$9.6mn in 2008

Colombian distributor Emsa plans to invest 19.2bn pesos (US$9.6mn) this year in central Meta department, the company said in a filing to financial regulator Superfinanciera.

Of the total, 14.3bn pesos will be spent on projects announced in 2007 and the balance on new projects.

The company's 2008 budget predicts total revenues of 150bn pesos, a net profit of 20.0bn pesos and Ebitda of 32.5bn pesos.

Emsa is one of five local power utilities Colombia's federal government is looking to sell.

The government, however, decided in December to postpone the privatization of the utilities in the departments of Cundinamarca, Santander, Norte de Santander, Boyacá and Meta.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: January 11, 2008

La Cabana to open sugar refinery in mid-2008

Ingenio La Cabana of Colombia is to open a new sugar-refining plant in June for operations in the second half of 2008; it also plans to buy back 4.1% of its own shares from groups such as Grupo Corficolombiana and Leasing Bolivar (the founding family owns 95.9%).

In recent days, Duff & Phelps de Colombia reaffirmed its Triple A rating of La Cabana, pleased to see the firm entering the refining segment of the sugar trade, the area which offers the best business margins. Ingenio La Cabana owns 70% of the 19,143 ha it uses for sugar-cane cultivation, the best percentage of any firm in the national sector. Also this year, the firm will launch a new corporate image.

Publication: SABI - Business News
Provider: South American Business Information
Date: January 8, 2008