Page 10 - LatAmOil Week 39 2019

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NEWS IN BRIEF
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“It directly supports our mission of building North America’s premier energy infrastructure company. Proceeds from this transaction will be used to strengthen our balance sheet and meet the growing capital needs of our core utilities in California and Texas.”
The sale will also include Sempra Energy’s interest in Tecsur, which provides electric con- struction and infrastructure services to Luz del Sur and third parties, and Inland Energy Luz del Sur’s generation business.
The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.
An active sales process continues for Sempra Energy’s electric businesses in Chile, includ- ing the company’s 100% stake in Chilquinta Energía and Tecnored. The company expects to announce an agreement in the fourth quarter of this year.
BofA Merrill Lynch and Lazard are serving as financial advisors to Sempra Energy on the sale, and White & Case is serving as legal advisor.
Sempra Energy also announced today that its subsidiary Sempra LNG has entered into a memorandum of understanding with China Three Gorges (CTG), the ultimate parent com- pany of CYP, regarding potential co-operation in supplying liquefied natural gas (LNG) to support demand growth in China, including the growth of natural gas power generation. Ultimate partic- ipation remains subject to finalisation of a defini- tive agreement, among other factors.
“This initial agreement with CTG represents an opportunity to support strong growth in nat- ural gas demand in Asia, with future expansions of our LNG projects right here in North Amer- ica,” said Martin.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
Sempra Energy, September 30 2019
FINANCE
CGX Energy, Frontera
announce conversion of
bridge loan
72.51% of the issued and outstanding common shares on a non-diluted basis), and if all convert- ible securities held by Frontera were exercised, 212,392,155 common shares (representing approximately 73.95% of the issued and out- standing common shares on a partially-diluted basis).
CGX, September 25 2019
MOVES
Petrobras reports on
the election of digital
transformation and
innovation executive officer
Petrobras reports that the board of directors, in a meeting held yesterday, elected, effective Octo- ber 1, 2019, Nicolás Simone for the role of digital transformation and innovation executive officer, a new area of the company that will be deployed after the general shareholders meeting to be held on September 30, 2019.
The new Petrobras executive office will focus on digital transformation and innovation, which is consistent with the emphasis on information technology in the company’s transformational change process to maximise value generation for shareholders and for Brazil.
Simone is a software and systems engineer from ORT University-Uruguay, with extensive international experience and knowledge of information technology, digital transformation, cybersecurity, AI, omni-channel, CRM, inno- vation, sales, logistics, process reengineering, large projects, shared services center (SSC) and industry 4.0.
He has led transformational global projects, M&A processes, implemented management systems such as SAP/ERP, outsourcing and off- shoring models and sales systems, among others, always focusing on innovation and adding value to the business.
He has held leadership positions in large companies such as Itaú-Unibanco, Lojas Ren- ner, ABInBev and Grupo Boticário, with a strong business expertise in industry, consumer goods, retail and financial market segments. His focus is to act with empathy and systemic vision of the business to achieve results and exceed expecta- tions with added value.
At the digital transformation front, he is very knowledgeable in transforming and connect- ing business and analog processes into digital according to the characteristics of each organi- sation, implementing different methodologies to define and lead this cultural change in partner- ship with areas and business units.
CGX Energy and Frontera Energy announced today that Frontera has elected to convert the principal amount outstanding ($8.8mn) under its bridge loan facility due September 30, 2019.
As previously announced on December 4, 2018, December 17, 2018 and February 1, 2019 , the principal amount outstanding under the bridge loan is convertible at a price of $0.22 per share (being the US dollar equivalent of CDN$0.29, which was the closing price of the common shares of CGX prior to the December 4, 2018, announcement of the amendment to the bridge loan).
As a result of conversion of the bridge loan, Frontera will acquire an additional 40mn com- mon shares of CGX (representing approximately 17.23% of the issued and outstanding common shares on a non-diluted basis). Immediately prior to the conversion of the bridge loan, Frontera beneficially owned and/or exercised control or direction over 157,383,129 common shares (representing approximately 67.78% of the issued and outstanding common shares on a non-diluted basis), and if all convertible securi- ties held by Frontera were exercised, 212,392,155 common shares (representing approximately 73.95% of the issued and outstanding common shares on a partially-diluted basis).
Immediately following the conversion of the bridge loan, Frontera will beneficially own and/ or exercise control or direction over 197,383,129 common shares (representing approximately
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Week 39 03•October•2019