Companies

EPM Group’s First-Half 2021 Net Profits More-Than-Double Year-on-Year

Medellin Herald July 28, 2021

Medellin-based multinational utilities giant EPM announced July 27 that its first half (1H) net income hit COP$1.9 trillion (US$483 million), more than double the COP$717 billion (US$192 million) profit in 1H 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to

Colombian economy

U.S. State Department: Colombia’s Strengths Outweigh Weaknesses for Foreign Investment

Medellin Herald July 27, 2021

A new report from the U.S. State Department finds that Colombia offers relatively favorable conditions for foreign direct investment (FDI) here – even though some regulatory areas still need updating or improvements The new U.S. report – just one of dozens analyzing the relative strengths/weaknesses for FDI in 170 nations globally – notes that Colombia […]

Companies

Update: Coltejer Shutters Production of Non-Woven Fibers, Eyes ‘Reinvention’

Medellin Herald July 16, 2021

Medellin-based textile giant Coltejer revealed in separate July 15 and July 17 filings with Colombia’s Superfinanciera corporate oversight agency that it has decided to suspend production of non-woven fibers and begin a process to “reinvent” its whole business model. “Taking into account the impact that the company has suffered due to issues related to [below-cost […]

Companies

EPM Boosts Hidroituango Cost Estimate to COP$18.3 Trillion; Mid-2022 Startup Seen

Medellin Herald July 15, 2021

EPM general manager Jorge Andrés Carrillo Cardoso announced July 14 that the latest capital cost estimate for the 2.4-gigawatt “Hidroituango” hydroelectric dam in Antioquia now stands at COP$18.3 trillion (US$4.8 billion), up COP$2.1 trillion (US$550 million) from the prior estimate. On the positive front, Hidroituango has now recuperated physical setbacks suffered in

Companies

Fabricato 3Q 2021 Profits Soar Year-on-Year

Medellin Herald July 11, 2021

Medellin-based textile giant Fabricato reported November 6 that its third quarter (3Q) 2021 net profit came in at COP$11.1 billion (US$2.86 million), a big reversal from the COP$3.3 billion (US$852,000) net loss in 3Q 2020. As for the first nine months of 2021, net income reached COP$12.1 billion (US$3.1 million), up from a COP$22 billion […]

Companies

Antioquia Proposes to Swap its Hidroituango Shareholding for Minority Stake in EPM

Medellin Herald July 8, 2021

Antioquia Acting Governor Luis Fernando Suárez announced today (July 8) that the departmental government wants to swap its majority shareholding in the US$5 billion “Hidroituango” hydroelectric project for a minority share in Medellin’s electric-power giant EPM. The proposed deal “seeks to avoid a judicial conflict that could also generate a prolonged and damaging

Companies

Update: Grupo Sura Debt Downgrade Added to That of EPM, ISA, UNE-EPM, Isagen, City of Medellin

Medellin Herald July 6, 2021

Wall Street bond rater Fitch Ratings announced July 20 that it has added Medellin-based multinational financial/insurance giant Grupo Sura and banking giant Bancolombia to a growing list of Colombian companies and municipalities suffering debt-ratings downgrades because of Colombia-wide economic problems resulting from the Covid-19 crisis. “This decision on the part

Colombian economy

Colombia’s Short-Term Debt Ratings Suffer Downgrade, but Outlook Improves to ‘Stable’

Medellin Herald July 2, 2021

Wall Street bond rater Fitch Ratings announced last night (July 1) that it has downgraded Colombia’s “Long-Term Foreign-Currency” (LTFC) and local currency “Issuer Default Ratings (IDR)” to ‘BB+’ from ‘’BBB-,’’ but Colombia’s debt outlook is now revised to “stable,” up from the prior rating of “negative.” “The [LTFC] downgrade reflects the deterioration of the

Companies

AkzoNobel Acquires Medellin’s Grupo Orbis, Pintuco Paints

Medellin Herald June 30, 2021

Netherlands-based multinational paints-and-chemicals giant AkzoNobel announced June 29 that it just inked a deal to acquire Medellin-based multinational paints, piping and hardware giant Grupo Orbis. Deal completion “is subject to regulatory approvals and is expected by end of this year or in early 2022” — but financial details have yet to be disclosed, according to

Companies

Sura to Manufacture Covid-19 Vaccines by 2023

Medellin Herald June 30, 2021

Medellin-based multinational health-care and insurance giant Grupo Sura announced June 29 that it’s investing US$54 million in biotech researcher VaxThera in a project aiming to produce Covid-19 vaccines in Colombia by 2023. “VaxThera advances the development of vaccines such as Coronavirus, dengue, Chikungunya, yellow fever, influenza and Zika,” according to Sura. A new,