Chile to move on utilities stake sale-report

SANTIAGO, Dec 22 (BestGrowthStock) – The Chilean government will
move ahead with selling its stakes in four water utilities
valued at $1.6 billion to boost funding for post-quake
reconstruction, a local newspaper reported on Wednesday.

Santiago-based daily El Mercurio said President Sebastian
Pinera plans to announce the sale later in December after
having studied the divestment in utilities such as the
country’s top Aguas Andinas (AGUAa.SN: ) for months. He would not
need congressional approval for the sale.

Pinera, a center-right businessman, had said the world’s
top copper producer could sell the state’s minority stakes in
the four utilities to finance the reconstruction of cities
ravaged by a massive Feb. 27 quake.

The self-made billionaire postponed the sale after coming
under fire from the center-left opposition, El Mercurio said,
citing unnamed government sources.

The sale could bring more pesos into the economy at a time
when the local currency (CLP=CL: ) is trading at fresh 31-month
highs

The sale will include shares in Aguas Andinas, Essbio
(BIOa.SN: ), Esval (ESVa.SN: ) and Essal.
(Writing by Alonso Soto; editing by Jeffrey Benkoe)

Chile to move on utilities stake sale-report