Changes to tariffs in Brazil may drive ISA away

ISA shares have fallen 1.060 pesos on the Colombian Stock Exchange (BVC) since September 12th, the day the Brazilian Government announced reductions in both residential and industrial electricity rates.

Yesterday after the Board of Directors of CTEEP, ISA’s affiliate in Brazil, advised against renewing the concession contract that exists since 2006 and expires in 2015, shares dropped from 9.300 pesos to 9.140 pesos (1,72%).

Although the Board is simply making a recommendation, the final decision on concession renewal will be made at the shareholder meeting scheduled for December 3rd of this year.

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