Luz del Sur SA

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Peruvian Electrolima was corporatized for the privatization program into five companies including Luz del Sur SA or Empresa Distribuidora del Lima Sur. The other four companies are Empresa de Distribucion Electrica de Lima Norte (Edelnor), Empresa de Generacion Electrica de Lima (Edegel), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Ede-chancay). Luz del Sur was awarded a license to distribute electricity to the Southern metropolitan area of Lima. By the time of its privatization, the company had 500,000 customers; in Jul. 2000, its customer base increased to 700,000 regular clients. The company was partially privatized in July 1994 when 60% of the equity was sold for $212.1 million to a consortium of Chilquinta (25.2% of Luz del Sur), Latin American Energy and Electricity Fund (19.8%), and Ontario Hydro International, Chilquinta's subsidiary (15%). In a second transaction, the goverment sold 9% of the equity to Luz del Sur's workers at the same share price that the winning consortium paid which represented a sale of $31.94 million. In 1996 the government sold 28% of the equity for $164.48 million in three different transactions: international placement in New York Stock Exchange ($24 million), domestic institutional placement ($41.88 million), and domestic small investors ($87.46 million). The remaining 3% of the equity was sold for US$ 9.7 million (S/33.99 million) on the Lima stock exchange in March 1999. Also in 1999, PSEG Group and Sempra Energy acquired 84.5% of Luz del Sur's shares. All investment expenditures have been funded with the company's own resources, but, in 2000, the company was planning a US$ 150 million bond issue to finance future investments (the bonds will be placed by Citibank). In 2007, PSEG sold all of its shares in the company to Ashmore Energy International. As of December 31, 2007, AEI and Sempra Energy each had indirect stakes of 35.9% in Luz del Sur SA. In February 2011, Sempra paid US $875 million for AEI's 50% of Chilquinta 590,000 and 38% of Peruvian utility Luz del Sur. http://www.luzdelsur.com.pe/nuestra_empresa/cifras.htm http://www.luzdelsur.com.pe/atencion_accionistas/propiedad.htm