Ecopetrol takes step toward share sale

Ecopetrol takes step toward share sale

Corporate & Sovereign Strategy IPO Debenture Colombia Capital Markets Energy Oil

Colombia’s state-owned oil company Ecopetrol said Friday that it received approval from financial regulator Superfinanciera to carry out a share sale on the local stock exchange, according to a securities filing. Ecopetrol could sell 4.36 million shares to lower the government's stake to no less than 80% over the next five years, it said in the filing. Colombia's finance ministry and state-owned entities currently own 88.5% of the oil company. "Any public offering of common stock under the progr

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