Sunday 26 September 2021

Costa Rica’s Power & Light Company to Issue Shares

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Wind Plant Central Valley, located in Santa Ana, belongs to the CNFL.
The CNFL  recenlty installed Central Valley wind farm, located in the mountains of Escazú and Santa Ana.

QCOSTARICA – The Compañía Nacional de Fuerza y ​​Luz (CNFL) – National Power and Light company is preparing for midyear to issue preference shares for an amount estimated at between US$50 and US$100 million.

In order to address the financial crisis, improve the equity structure and pay in 2017 US$28 million in bond debts, the CNFL (a division of the Instituto Costarricense de Electricidad – ICE) will be issuing the preferred, though to date there has not been any confirmation of the number of shares to be issued.

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Rolando Güell, Partner at the Auditing company Deloitte, told Nacion.com that “… When a company increases its equity the maneuver causes a decrease of its liabilities and increases its borrowing capacity. Therefore this strategy would generate a significant improvement in the financial statements. ”

“… ICE, owns 98.6% of the common shares of the CNFL and the rest belongs to private entrepreneurs. In 2013, of the US$9.1 million net income, minority shareholders received US$168,000, according to financial statements. ”

Source: Nacion.com

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