The Chamber of Deputies of Mendoza gave half sanction for the transfer of 21.2% of the shares that the province has in the metalworking company Impsa to the private sector. This is the first privatization of the government of Javier Mileiwhich will continue its course in the Mendoza Senate for final approval.
There was a lot of tension in the vote in the provincial lower house this Wednesday. With 27 votes in favor, 17 against and 4 absentthe Mendoza government managed to approve the project with the support of La Libertad Avanza and the Mejor Mendoza bloc.
The importance of this company lies in the fact that the national State has owned 63.72% of the shares since 2021, when the decision was made to nationalize the majority stake.
With the approval of the sale of the 21.2% that the province has to the interested private sector, the national government is moving forward with its plan to adjust public companies. The remaining shares are divided between 9.78% of the creditors and 5.26% that is still in the hands of the Pescarmona family.
The radical governor of Mendoza, Alberto Cornejo, was the one who presented last week the project that authorizes the “transfer of all four hundred and fifty-four million three hundred thousand (454,300,000) non-transferable ordinary registered shares Class C of Impsa SA” that were obtained in 2021 in exchange for US$5 million.
That step will open the door for the American company Arc Energy interested in buying the share package, offer that could be formalized next Monday.
The original offer, for US$30 million, was scheduled for August, but then an extension was requested. If the shares are transferred to the State, a 60-day period will open, and if there is no better bidder, the privatization will begin.
From the Milei government they estimated that the Large Investment Incentive Scheme (RIGI) It will attract investments in sectors such as hydroelectric or mining that will help to add value to the company.
The Impsa panorama
In mid-2021, after a deep crisis, Impsa It had to be rescued by both the national and provincial governments. And although it maintained its status as a public limited company, it became a company with a majority state shareholding.
Currently, the Nation owns 63.7% of the shares while Mendoza has 21.2%. The remaining 15.1% remained in private hands: the creditors’ trust retained 9.8% and the founding family kept 5.3%.
The decision to sell the state shares is explained by the liabilities of more than 500 million dollars that the buyers will have to negotiate with creditors.
This sale process began at the beginning of July when the national government and the government of Mendoza signed a letter of intent with the North American company, ARC Energy, which committed an investment of US$30 million to capitalize the former Pescarmona.
That negotiation process with Arc Energy This occurs amid a complex economic situation faced by the company, which has more than 700 employees.
Source: Ambito
