Business Politics

EPM’s Biggest Union Unveils Shocking Report on Mayor Quintero’s Corruption, Lies, Financial Destruction

Medellin Herald October 21, 2023

SINPRO – the biggest professional employees union of public utilities giant EPM – on October 20 publicly unveiled a stunning, 93-page report detailing immense financial, organizational and political damage to EPM and Medellin by outgoing Mayor Daniel Quintero. Quintero — who took office

Business Companies

El Salvador Supermarket Giant Inks Takeover Deal for Grupo Éxito

Medellin Herald October 16, 2023

Medellin-based supermarket/dry-goods giant Grupo Éxito announced October 16 that its France-based majority shareholder Grupo Casino has inked a deal whereby El Salvador-based supermarket chain Grupo Calleja (“Super Selectos”) would become Grupo Éxito’s new owner. As part of the total US$1.17 billion deal, Grupo Calleja would acquire Casino’s current 34% stake in Grupo

Business Companies

EPM Awards Hidroituango Completion Contract to China’s Yellow River Ltd.

Medellin Herald October 11, 2023

EPM announced this morning (October 11) that it has finalized an estimated COP$1 trillion (US$236 million) contract with China-based Yellow River Ltd. (Colombia branch) and Colombia-based Schrader Camargo to complete the final-phase construction of the 2.4-gigawatt Hidroituango hydroelectric plant here in Antioquia. Those two companies – dubbed “CYS Consortium” – outbid

Business Companies

Tigo-Une/Millicom Capitalization Deal Avoids Bankruptcy

Medellin Herald October 5, 2023

Medellin-based Tigo-Une – Colombia’s third-largest cell-phone, internet and cable-TV network, half-owned by Medellin utilities giant EPM – announced late last night (October 4) that it finally reached a deal with its partner — Luxembourg-based Millicom — to capitalize Tigo-Une and thus avoid an October 11 bankruptcy deadline. Under the deal, EPM will put

Politics

Unpopular Medellin Mayor Daniel Quintero Quits Office

Medellin Herald October 1, 2023

For the first time in Medellin history, scandal-plagued Mayor Daniel Quintero on September 30 officially quit his office — three months before his term actually ends in December. Quintero – the most unpopular Mayor since Medellin began public polling 30 years ago, with barely 28% approval – is under investigation for various corruption schemes, now […]

Business Politics

Medellin’s Leading Civic-Business Group Denounces Mayor Quintero Corruption Scandal

Medellin Herald September 21, 2023

Medellin-based Todos Por Medellin – a non-partisan watchdog whose major backers include the Medellin Chamber of Commerce, ANDI (Colombia’s biggest industrial-commercial trade association), Proantioquia (business-civic promotion organization), labor unions and dozens of leading citizens– on September 21 unveiled a shocking report detailing what might be seen as the tip of

Business Companies

EPM Hidroituango Bid-Completion Analysis Favors Most-Expensive Option, Raises Suspicions

Medellin Herald September 11, 2023

Medellin-based electric power giant EPM on September 10 publicly revealed its internal analysis of several competing bids aiming for completion of the US$5 billion, 2.4-gigawatt Hidroituango hydroelectric project here in Antioquia. Ironically, EPM eliminated two bidders — Todini Costruzioni Generali S.P.A. and China Gezhouba Group Company Limited — who

Business Companies

Cementos Argos To Merge U.S. Operations with Summit Materials

Medellin Herald September 7, 2023

Medellin-based multinational cement/concrete giant Cementos Argos announced September 7 that it just signed a deal to merge its U.S. operations with Denver, Colorado-based Summit Materials — creating one of North America’s biggest cement/concrete companies. The merged operation would represent pro-forma annual revenue of more than US$4 billion and approximately US$1

Business Companies

IMSA 2Q 2023 Net Profits Soar Year-on-Year

Medellin Herald August 15, 2023

Medellin-based food additives, chemical-composites and consumer/industrial products maker Grupo IMSA announced August 14 that its second quarter (2Q) 2023 profits hit COP$47 billion (US$11.4 million), up from COP$2.3 billion (US$560,000) in 2Q 2022. Revenues also rose, to COP$254 billion (US$62 million), versus COP$180 billion (US$44 million) in 2Q 2022, according to IMSA.

Business Companies

Fabricato 2Q 2023 Net Losses Worsen Year-on-Year

Medellin Herald August 15, 2023

Medellin-based textile giant Fabricato on August 14 posted a second quarter (2Q) net loss of COP$28 billion (US$6.8 million), worse than the COP$786 million (US$192,000) net loss in 2Q 2023. Revenues also fell year-on-year, to COP$88.8 billion (US$21.7 million) in 2Q 2023, versus COP$112 billion (US$27 million) in 2Q 2022, according to the company. The […]