Argentinean Provinces Take 12% Stake in Enarsa

Argentina's government has granted non-transferable B and C shares in state energy company Enarsa to 11 provinces, the presidential website reported.

The provinces are Chaco, Corrientes, Jujuy, Mendoza, San Juan, Santiago del Estero, Santa Cruz, Tierra del Fuego, Cordoba, Rio Negro and Buenos Aires, the report said.

These provinces in addition to La Pampa, Formosa and Chubut that already acquired shares now hold a combined 12% stake in Enarsa.

The 12% stake for provinces was established in the country's hydrocarbons law.

The national government plans to reserve a 53% stake for itself with 35% to be offered on the Buenos Aires stock exchange "at some point," the report added.

Although only 14 provinces currently hold stakes, the government expects the majority of provinces to purchase shares in "the short term."

Neither Enarsa nor planning ministry officials were available for comment when contacted by BNamericas.

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