Companies

Colombia Government Grants Conditional Concession for ‘Puerto Pisisi’ at Turbo, Antioquia

Medellin Herald December 21, 2018

Colombia’s Transport Ministry and its Agencia Nacional de Infraestructura (ANI) infrastructure agency announced December 20 that they’ve granted a conditional 30-year concession license to the developers of the proposed “Puerto Pisisi” Atlantic freight port at Turbo, Antioquia. According

Companies

ISA, Construcciones El Condor Ink Highway Concessions Alliance Deal; Conconcreto Wins New Financing Package

Medellin Herald December 20, 2018

Medellin-based international electric-power transmission and highway concessions giant ISA announced December 19 an “alliance” deal with Medellin-based construction giant Construcciones El Condor for highway deals in Colombia and Peru. According to the new partners, ISA will have a controlling 51% stake in the alliance. “ISA is taking quick steps to materialize the ‘ISA

Profiles

Venezuela Crisis Brings Both Tragedy & Triumph to Medellin: Rui Pereira’s Story

Medellin Herald December 15, 2018

The ever-worsening economic and social crisis in Venezuela — caused by the criminal narco-communist Castro-Chavista dictatorship — is now likely to trigger out-migration of about 25% of the entire population, according to a shocking new study by Washington, DC-based Brookings Institution. The new study — revealed by Brookings researcher Dany Bahar in a

Companies

Cooperativa Financiera de Antioquia Wins AA Debt Risk-Rating

Medellin Herald December 12, 2018

Medellin-based credit union Cooperativa Financiera de Antioquia (CFA) revealed this month in a filing with Colombia’s Superfinanciera regulatory agency that it won a favorable AA rating for long-term debt from Bogota-based debt rater Value & Risk Rating (VRR). CFA also won a favorable “VrR1” rating from VRR for short-term debt risk, according to the filing. […]

Companies

Update: EPM Adopts US$5.3 Billion Budget for 2019; Wins US$1 Billion Credit-Lines OK

Medellin Herald November 23, 2018

Medellin-based multinational power and utilities giant EPM announced November 27 that its board adopted a full-year 2019 budget of COP$17.4 trillion (US$5.3 billion), which includes a COP$1.1 trillion (US$337 million) payment of profits to its sole shareholder: the city of Medellin. Another COP$1.1 trillion (US$337 million) in 2019 will go for repairs and continuing

Companies

Coltejer Hires Consultant To Develop ‘Financial Restructuring’

Medellin Herald November 23, 2018

Medellin-based textile manufacturing giant Coltejer revealed in a November 22 filing with Colombia’s Superfinanciera regulatory agency that it has hired a consultant to develop a financial restructuring plan in order to pay liabilities. According to the filing, the company also seeks a credit worth COP$12 billion (US$3.7 million) to buy cotton feedstocks for its

Companies

Conconcreto 3Q 2018 Net Income Jumps 46% Year-on-Year

Medellin Herald November 22, 2018

Medellin-based construction giant Conconcreto announced November 14 that its third quarter (3Q) 2018 net income rose 46.4% year-on-year, to COP$50 billion (US$15.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.6%, to COP$147 billion (US$46 million), while EBITDA margin climbed to 20.9%, from 14.7% a year earlier. Gross revenues

Companies

Mineros, Gran Colombia Gold Post Better Year-on-Year Profits in 3Q 2018

Medellin Herald November 20, 2018

Medellin-based gold mining giant Mineros SA on November 20 reported a 10.2% boost year-on-year in third quarter (3Q) 2018 net income, to COP$19.7 billion (US$6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2018 also rose 7.6% year-on-year, while EBITDA margin rose 13.5%, according to the company. Cash cost of operations dipped

Colombian economy

Colombia GDP Rebounding to 3.3% in 2019, 3.5% in 2020: Fitch

Medellin Herald November 16, 2018

Wall Street bond rater Fitch on November 14 issued a “stable” outlook for Colombian sovereign debt and simultaneously upgraded its GDP forecast to 3.3% growth in 2019 and 3.5% in 2020. “Ivan Duque’s 2018 presidential election victory is expected to lead to continuity in the government’s monetary and fiscal policies, including abiding by its fiscal […]

Companies

Grupo Sura 3Q 2018 Net Income Drops 10% Year-on-Year

Medellin Herald November 15, 2018

Medellin-based insurance and asset manager Grupo Sura announced November 14 that its third quarter (3Q) 2018 net income fell 10.2% year-on-year, to COP$413 billion (US$139.2 million). “The decrease is due to the impact of the difference in the rate of exchange [falling Colombian peso versus U.S. dollar],” the company noted. However,  Suramericana insurance-division