EPM Headquarters as seen from Pueblito Paisa
Source: Stormzand Photography
EPM Promises to Give City of Medellin 55% of its Profits from 2020 to 2023
Medellin-based multinational utilities giant EPM revealed in a June 29 filing with Colombia’s Superfinanciera oversight agency that it has pledged to give 55% of all its profits in 2020 through 2023 to the city of Medellin – its sole shareholder.
According to the filing, 25% of profits will go directly to the city while another 30% of “ordinary surpluses” also will go to Medellin, hence a total of 55% of profits.
The pledge is contained in “Municipal Agreement No. 02 of 2020 - Development Plan of Medellin, Medellin Futuro,” according to EPM.
“This 55% percentage has been stable since 2012 in the EPM surplus distribution structure to the municipality of Medellín,” the company added.
Latest from Roberto Peckham
- EPM Full-Year 2022 Profits Drop on Write-Down in Tigo-UNE Value; Hidroituango Costs Rise; Medellin Finances to Suffer
- Enka Full-Year 2022 Profits Drop 58% Year-on-Year
- Renault Announces US$100 Million Expansion at Envigado Assembly Plant
- Valores Simesa Trims Net Loss in 2022 Versus 2021
- Coltejer Piles Up Another Yearly Loss; Assets for Sale
Leave a comment
Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.
