Italian utilities move abroad. Enel increased its stake in the Chilean subsidiary Enel Américas, while Snam would be in pole position for the management of a maxi regasification terminal in Kuwait City. News welcomed by the shareholders of Piazza Affari where Enel shares gain 1,52%, achieving one of the best performances of the day, while Snam shares rise by more than half a percentage point to 4,447 euros.
Going into details, Enel has reached 65% of the capital of Enel Américas, buying an additional 2,7% stake through the settlement of two share swap transactions signed last April with a financial institution. The first transaction concerns 1.432.455.895 ordinary shares of Enel Américas, the second 13.012.507 American Depositary Shares of Enel Américas, each of which represents 50 ordinary shares of Enel Américas.
In total, the company led by Francesco Starace has invested approximately 324 million dollars 275 million euro, an expense financed by cash flows from current operations.
“The transactions indicated above are in line with the objective announced by the Enel Group to increase its shareholding in group companies operating in South America, thus reducing the presence of minority shareholders”, underlines the giant in a note.
Turning to Snam, according to what was revealed by Il Sole 24 Ore, the company would be about to win the management contract for the Al Zour LNG terminal, near Kuwait City, through its subsidiary Desfa. This is the third plant in the world with a "regasification capacity of 15 billion cubic metres".
Based on the information revealed by the economic newspaper, the contract should last 5 years and have a value of 90 million euros. If successful, for Snam it would be the second order won in the Persian Gulf after that of Abu Dhabi, where the company, in a consortium with some investment funds, won a tender for 49% of a company that controls 38 pipelines in the Arab Emirates.
