BOGOTA, Sept 29 (Reuters) - The government of Colombia's capital city Bogota will sell up to 20 percent of electricity company Empresa de Energia de Bogota, with proceeds to be used for road construction within the city.
The stake would be worth around 3.5 trillion pesos ($1.2 billion) based on Wednesday's closing price for EEB of 1,915 pesos. The city did not give an estimate of how much it would make from the sale.
Bogota owns 76.3 percent of the shares in EEB and will continue to be the majority shareholder after the sale, the company said late Wednesday.
The sale of shares in EEB, which has investments in electricity and natural gas companies in Colombia, Peru, Guatemala and Brazil, must be approved by the city council. ($1 = 2,914.11 Colombian pesos) (Reporting by Nelson Bocanegrap; Writing by Julia Symmes Cobb; Editing by Jeffrey Benkoe)