Economy and EFE writing.

Ruta del Cacao is the concessionaire in charge of the construction of a road that will connect Bucaramanga, Barrancabermeja and Yondó, in Santander. The purchase of these shares is John Laing's first investment in Latin America

The road is expected to be ready in 2021 and connect to Bucaramanga, Barrancabermeja and Yondó, in Santander. Reference Image, The Spectator File

Cintra, a subsidiary of the Spanish multinational Ferrovial, sold 11.7% of the Ruta del Cacao company, a concessionaire of the highway corridor between Bucaramanga, Barrancabermeja and Yondó, Santander, for $ 102,698 million.

After this operation, which generates a capital gain of $ 10.69 million for Ferrovial, the participation of the Spanish infrastructure and services group in the concessionaire becomes 30%, the company said Tuesday.

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The buyer was the British infrastructure company John Laing, which acquires a total of 30% of the shares, since the other two partners of the consortium, Colpatria and Ashmore, also sell part of their titles.

"This investment is an important step for John Laing. Cocoa Route is our first investment in Latin America, a region with good prospects and business opportunities (…) In the future, we will continue to evaluate investment opportunities in other parts of Colombia and in other Latin American countries, such as Chile, ”said Olivier Brousse, Global President of John Laing.

The consortium led by Cintra was awarded this contract in 2015, which includes the operation on 236 kilometers of road, of which 82 correspond to the construction of a new road to connect the municipalities of Bucaramanga, Barrancabermeja and Yondó, in the department of Santander.

The concession has a duration of 25 years from the signing of the contract, with the possibility of extending for an additional four. This will be responsible for the design, construction, financing, operation and maintenance of the road corridor, as well as the construction of tunnels, viaducts, bridges, tolls and the improvement of some existing sections. The works are expected to be completed in 2021.

Ruta del Cacao is part of the fourth generation projects of the Government of Colombia that seek to create a national road network through public-private partnerships (PPPs).

The financial closing of the project occurred in November 2018 and six entities participated in a syndicated loan such as BBVA Colombia, Bancolombia, National Development Financial (FDN), Inter-American Development Bank (IDB Invest), BlackRock Debt Fund and Debt Fund Union for Infrastructure (UPLI).

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Economy and EFE writing.

Economy

Ferrovial sells 11.7% of the Ruta del Cacao company to the firm John Laing

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