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.
