Pushing Beyond El Dorado
Odinsa, Colombia's only publicly traded concessions operating firm, is looking to capitalize on a major government infrastructure push.
Odinsa seeks to blaze trails in Colombia. As the country's largest and most prominent concessions operator, it invariably has a strong hand to play each time an auction for a toll road comes up. Across Bogotá, into the countryside and towards the coastline, Odinsa-operated highways carry a growing amount of cargo and passengers that increases with every added basis point of GDP. The expansion continues, with a major auction for the Ruta del Sol highway on the horizon.
Odinsa formed 15 years ago by a collection of engineering companies with different specializations has also done its share of bushwhacking in the local capital markets. To date, it is the only company in the sector that has transferred construction risk to local investors via a bond issue, according to Glaucia Calp, head of Duff and Phelps, the Colombian arm of Fitch Ratings.
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