The Albanesi group, one of the leading energy generators and leader in the natural gas commercialisation market in Argentina, will implement an investment plan of more than $600 million. They have been working on a complex financial engineering process that involved the extension of two negotiable obligations and modifications of three foreign financings, which allow them to reduce maturities by more than $90 million between 2021/2022.
Category: Business
Information regarding the business sector.
Swiss Medical bought 50% of Instituto Cardiovascular de Buenos Aires
Swiss Medical Group, one of Argentina's leading health insurance groups, has acquired a 50% stake in the Instituto Cardiovascular de Buenos Aires (ICBA). The companies agreed on a strategic partnership that aims to strengthen the ICBA's medical project of excellence, to provide better care for its patients and Swiss Medical's members.
YPF shares plunge 12% on Wall Street
Guillermo Nielsen's departure from the presidency of YPF continues to affect the oil company's share price. The stock fell 11.8% on the New York Stock Exchange on Thursday, bringing the company's total stock market valuation to less than $1.3 billion, a floor never been reached before, not even during the expropriation of 51% of the company in April 2012. Since Monday, when rumours of Nielsen's possible resignation began, the stock has fallen 19% and is down 35% in a month.
Mercado Libre is already worth almost $100 bn
Mercado Libre's New York Stock Exchange shares have been rising since 23 March and are on track to cross a $100 billion market valuation, tripling their floor from last year. At the close of trading today, Mercado Libre shares on the New York Stock Exchange were up 3.6% and just under $2,000. All because of the boom in its two primary businesses, e-commerce and digital finance, which it leads with its flagship brand, Mercado Pago.
YPF: the company’s shares fall by 6.8%
YPF shares fell 6.8% on Wednesday in Buenos Aires and New York. The new drop in the company's shares follows its president's removal, Guillermo Nielsen, and his replacement by the former vice-governor of Santa Cruz, Pablo Gonzalez.
EDEN electricity company completed works for $3.8 mn in the north of Buenos Aires
EDEN, the Desa Group company that holds the concession for the electricity distribution service in the north of the Province of Buenos Aires announced the completion of $328 million ($3.8 million) worth of works that will allow the company to improve the quality and availability of the service.
The Argentine startup Satellogic will launch satellites with the company Space X
Satellogic, a young Argentine technology-oriented aerospace business, closed a deal with Elon Musk's Space X to put four nanosatellites into orbit on a Falcon 9 starting in June. The aim is to build a constellation of 300 satellites, all of them manufactured by the company. The company was created in 2010 and has already received $120 million investments and is shaping up to be a unicorn. To date, it has launched 21 low-cost nanosatellites and plans to triple that number by 2023.
Santander partners with Mercado Libre to finance car sales
Santander Argentina and Mercado Libre closed an agreement that makes available to users of the e-commerce platform a line of collateral financing for vehicles' online purchase by a single click. The funding has a limit of up to 3.1 million pesos, significantly reducing granting and leaving the paperwork only for the last stage of the operation. The new service has more than 22,000 publications, 75% of which are new vehicles and 25% used.
Astra Evangelista is accused of unfair competition and owes YPF $101.45 mn
The Federation of Chambers of the Energy Sector of the Province of Neuquén (Fecene) made the complaint pointing to a company 99% controlled by YPF, called Astra Evangelista (AESA). AESA focused on four pillars: integral construction of works, manufacturing of equipment and process modules, engineering and provision of services in the oil and gas areas. The firm closed contracts below the reference values or minimum floors required to carry out the activity. In 9 months, the company's negative equity grew more than 400%, and as of September 30, the loans granted by YPF to the firm amounted to 8.7 billion pesos ($101.45 mn).
YPF and Equinor partner with Shell for offshore exploration
YPF and Equinor agreed on Shell's entry as a third partner of the offshore block CAN100, located in the Northern Basin of the Argentine Sea. After this operation, Equinor (operator of the area) and YPF will divide 70% of the block into equal parts, and Shell will enter with the remaining 30%. The block locates in water more than 1,500 metres deep that has never been explored or drilled in the country before.