Enel announced that it has started the purchase of shares and Ads to increase its stake in the listed Chilean subsidiary Enel Américas to 65%. The purchase plan envisages raising up to a further 2,7% of the capital - explains the note from the group - in order to reach the maximum stake currently permitted by Enel Américas' statute, equal to 65%. This increase will be achieved in the light of the expected completion of the transactions share swap currently underway, aimed at increasing Enel's stake in Enel Américas by 5%, up to 62,3% of the share capital. The completion of the aforementioned transactions is expected by May 2020".
Enel announced that it has meanwhile entered into two new supply contracts share swap with a financial institution. In line with these transactions, Enel "will be able to acquire additional ordinary shares and American Depositary Shares (“ADS”) of Enel Américas”.
The cost of the operations started and expected to be completed in May will be financed by cash flows from current operations. Of course, prior to the settlement of the transaction, Enel will not be able to dispose of or exercise the voting right in relation to the ordinary shares or ADS of Enel Américas acquired or held by the financial institution as a hedge in relation to the Share swaps matching. The purchase plan is part of the objectives presented by Enel to the market to reduce the presence of minorities in the South American subsidiaries.
Enel has also signed a letter of commitment for a line of credit committed from 5 billion euros, lasting up to 2 years and linked to the achievement of the United Nations Sustainable Development Goals (SDGs).
