Colombia Business News

AF Consulting acquires Financiera Internacional

2010-03-01T15:52:00.000-08:00

Spanish firm AF Consulting has acquired Colombian finance company Financiera Internacional after negotiating a share deal with the Venezuelan company Fondo de Garantias Bancaria de Venezuela (Fogade). Thus, Fogade sold a 90% shareholding in the firm Financiera Internacional. As of 31 December 2009, Financiera Internacional equity stood at COP 30.97bn (EUR 11.71mn USD 15.97mn), and analysts

Avianca Taca to buy 100% of Aerogal

2010-03-01T13:51:00.000-08:00

Air carrier Avianca Taca has announced the acquisition of Ecuadorian air carrier Aerogal. 80% will be acquired by Avianca and 20% by Kingsland Holding Limited, the owner of Taca. Avianca will pour USD 7.20mn (EUR 5.28mn) into Aerogal. The Ecuadorian airline has a fleet of 12 aircraft. It will receive two new Airbus 320s in the second half of 2010. It will pay for them with a USD 54mn loan it

Enka sells products into new markets in 2009

2010-02-22T11:25:00.000-08:00

Colombian polymers and polyester synthetic fibres manufacturer Enka managed to reduce its losses in 2009, standing at COP 10.87bn (EUR 4.17mn USD 5.62mn), in comparison to 2008 (COP 27.0bn) because the company broke into new markets, especially in Europe. In addition, the firm improved operations, increased net revenues and obtained additional revenues because of the exchange rate with the US

Biocom to invest USD 12mn in tyre-recycling plant

2010-02-03T10:39:00.001-08:00

Italian-Colombian company Biocompania (Biocom) has announced plans to invest USD 12mn (EUR 8.59mn) in a new tyre-recycling plant in La Tebaida, in the Colombian department of Quindio. The new 10,000m2 facility will become operational within three months. It will hold the capacity to process 60,000 tonnes of tyres per year, although it will initially operate at only 20% of its full capacity.

Aires to launch several new routes this quarter

2010-01-22T07:51:00.000-08:00

Colombia's Aires is planning to launch six new routes, including three to the USA, over the next two months as it places additional Boeing 737-700s into service. Aires now operates seven Boeing 737-700s on domestic trunk routes and to Fort Lauderdale in Florida. An Aires spokesman says an eighth 737-700 has arrived in Colombia and should enter service later this month. He says Aires is scheduled

Grupo Bolivar aims to expand internationally

2009-12-08T18:37:00.000-08:00

Colombian financial conglomerate Grupo Bolivar, which has interests in the insurance and banking sectors, is planning to expand its presence in Latin America and the US. The company has been entering new markets such as Costa Rica, Venezuela, Ecuador and Panama, while it is considering to arrive in Argentina, Chile or Peru. For instance, its bank Banco Davivienda has a subsidiary in Panama and

Sodexo celebrates 15 years of activities in the country

2009-12-08T18:26:00.000-08:00

French food catering and voucher company Sodexo has highlighted the position of its business in Colombia, where it is commemorating 15 years of activities. Sodexo Colombia is among the ten leading firms generating new jobs in the country. It has created more than 9,000 direct jobs in 208 different towns. Local firm Grupo de Inversiones Surameriana holds a 35% share in Sodexo Colombia Publication

Smitco asks IFC for US$15.8mn to remodel Santa Marta container terminal

2009-11-09T20:48:00.000-08:00

Colombia's Santa Marta International Terminal Company (Smitco) is requesting a US$15.8mn loan from the International Finance Corporation (IFC), the financial entity reported on its website. The project involves the refurbishment and operation by Smitco of a container terminal inside the Santa Marta port. The initiative involves an estimated total investment of US$50mn to refurbish two berths with

Acesco set to start-up new HDG line in January

2009-10-27T22:30:00.000-07:00

Colombian cold rolled and hot-dip galvanized coil producer Acerías de Colombia (Acesco) expects to commission its new 85,000 tpy HDG line in January, and is already targeting a total HDG capacity of 250,000 tpy. The line will be the company`s second, with the first able to produce up to 140,000 tpy, president Carlos Arturo Zuluaga told MB on the sidelines of Ilafa`s 50th Latin American annual

Avianca eyes up Central American market

2009-10-08T16:53:00.000-07:00

Colombian airline company Avianca is looking to establish new partnerships in order to place the company firmly on the map in Central America. To this end, Avianca has announced an agreement with Central American airline company Taca International Airlines (Taca). Moreover, Avianca acquired Brazilian airline Ocean Air at the beginning of September in a deal worth USD 200mn (EUR 135.86mn).

Marriott to open first five-star hotel

2009-10-06T19:52:00.000-07:00

Marriott International is set to inaugurate its first five-star hotel in Colombia, in Bogota in particular, on 6 October 2009. The new hotel will form part of the Bogota Corporate Center, which also encompasses an office building. The new Marriott hotel boasts 239 rooms in ten floors and will be operated by Real Hotels and Resorts, a subsidiary of Grupo Poma of El Salvador. Moreover, Marriott

Toyota may enter new segment

2009-09-29T12:17:00.001-07:00

Japanese car manufacturer Toyota has announced that it is assessing the possibility of entering new segments in Colombia. The firm led the segment for pick-up trucks in August 2009, driven forward by its innovative portfolio and a cut in prices of around 5% on average. However, Toyota has seen its market share drop by 2% so far in 2009. In order to offset this fall, the firm has introduced

Ospinas will build a new hotel in Northern Bogota

2009-09-27T21:57:00.001-07:00

Colombian construction company Ospinas will build a hotel in Bogota, Colombia, tendering for the project will be launched in February 2010 with construction planned for mid-2010. The company has been debating whether to participate in this sector for the last four years and is studying three different possibilities for hotel developments. The project is already advanced in terms of securing the

Hidrosogamoso project brings ICT on board for construction role

2009-09-19T21:21:00.000-07:00

The massive Hidrosogamoso project being put together by Colombian energy-generation group Isagen has lurched forward another step with the group signing a contract with Grupo ICT for Peso$178.12bil. ICT has been encharged with the construction of works related to the Proyecto Hidroelectrico Sogamoso. Specifically, it will be responsible for the deviation tunnels, the access tunnels, excavation

Brookfield sets up $400Mn Colombia Fund

2009-09-11T20:04:00.000-07:00

Brookfield Asset Management, Canada's asset manager focused on property, power, and other infrastructure assets, is launching a USD 400 million Colombian fund to invest in the regionâ€™s infrastructure. The PE firm has joined a wave of foreign institutional investors entering the Andean nation. It also announced the fund's first closing at USD 320 million, making it the largest PE and

Plans to produce fine wood from coffee trees

2009-09-08T21:52:00.001-07:00

The association of coffee farmers in Colombia, Federacion Nacional de Cafeteros (Federacafe), is promoting a project to produce fine wood from coffee trees. The project is supported by the Andean Development Corporation (CAF) and the Inter-American Development Bank (IADB) and is aimed at bolstering and diversifying the local coffee industry.At present, coffee plantations in Colombia span around

Investments in civil engineering projects up by 42% in Q2

2009-09-08T21:49:00.001-07:00

Figures from the national statistics office, Dane, show that total investments in civil engineering works experienced a year-on-year growth of 42% in Colombia in the period between April and June 2009. The group of ports, dams, and other dredging-related projects recorded an increase of 101.5%, whereas energy and mines posted a 42% hike. Meanwhile, Dane has added that investments in roads,

Pacific Rubiales to register on Bolsa this time next month

2009-09-01T21:29:00.000-07:00

Pacific Rubiales has set a date on its entry onto the Colombian Bolsa de Valores or rather a period in which it will occur, between September 15 and September 30, 2009. However, the firm is only set to register for now and not emit shares. A partner of Ecopetrol, Pacific Rubiales had been expected to register last month but has been delayed by the Ministerio de Hacienda and the Bolsa itself,

Avianca issues bigger bond than expected

2009-08-31T21:19:00.000-07:00

Avianca of Colombia has issued bonds to the tune of Peso$500bil via the Bolsa de Valores de Colombia (BVC), having only planned initially to emit Peso$300bil. The airline could indeed have sold bonds for a total of Peso$692.48bil such was investor interest. The president of Avianca, Fabio Villegas has said that the operation will give the airline new impetus to continue with the overhaul process

Satena to start online ticket sales soon

2009-08-29T20:27:00.001-07:00

Major-General of the Fuerza Aerea Colombiana (Colombian Air Force), Jose Javier Perez Mejia has been made the new president of Satena. Perez Mejia promises aggressive and enthusiastic attempts to turn a difficult situation around. Passenger numbers fell by 8% in the first half of 2009 for Satena. The new president wants the airline to be best known for high levels of service. He notes that

Nestle starts production of new Seduccion chocolates

2009-06-21T10:07:00.000-07:00

Following an investment of USD 2mn (EUR 1.44mn) in new machinery, Nestle has begun to produce its Seduccion range of chocolates in Colombia. The new product will be available in three different versions: Seduccion Leche milk chocolate, Seduccion Blanco white chocolate and Seduccion Dark containing 60% of cocoa. The company hopes to attract new consumers with its new products, although it is aware

Isagen gets nod from DNP to secure funding for hydropower plant

2009-06-20T21:04:00.000-07:00

The National Planning Department in Colombia (DNP) is reported to have given the green light for Colombian electricity generation company Isagen to seek financing at both local and international level in 2009 and 2010. The company will use the funds to finance the construction of its Hidrosogamoso hydroelectric station. Isagen recently opened a tender project for the construction of this power

Gran Tierra Energy oil output hits 15,334 bpd end-Mar '09

2009-04-10T15:54:00.000-07:00

Canadian-based oil company Gran Tierra Energy Inc (TSE:GTE) reached an oil output of up to 15,334 barrels per day (bpd), net after royalty, at end-March against some 10,000 bpd on average in the first quarter of 2009. The increase is due mainly to the development of the Costayaco field in Colombia's Chaza block, operated by Gran Tierra Energy, the company said on Thursday. Gran Tierra Energy

Colombian energy group likely to invest US$400 mln in Peru's energy projects

2009-03-08T13:00:00.000-07:00

Colombia's Grupo Energia de Bogota plans to invest over 400 million dollars in Peruvian energy projects, reported today Bogota's mayor and president to Board of Directors of the company, Samuel Moreno.According to Moreno, over 200 million dollars will be invested only in the construction and operation of the Ica gas pipeline, through Transcogas Perú, where "Empresa de Energía de Bogotá" (EEB) is

El Quimbo getting underway

2009-02-07T11:39:00.000-08:00

Via investment of roughly US$700mil, Emgesa will this year begin to build the hydroelectric plant El Quimbo. The firm, a filial of Endesa, will give the plant a capacity of 400 MW and thereby meet 5% of current Colombian demand for electricity. Initial investment will focus on building a dam, a dyke and a reservoir on the River Magdalena, Huila. Overall, it will take five years to complete El