According to CB Insights, the fintech Ualá could become the sixth Argentine firm valued in more than $1 billion. The other five firms are Mercado Libre, Despegar, OLX, Globant and Auth0. Ualá was founded in 2017 by economic historian Pierpaolo Barbieri and received investments from billionaire George Soros, Tencent and SoftBank. Since the quarantine, the firm has issued 170,000 cards, and payment for services through the app has increased by 300%.
The new owner assures that he already renegotiated the debt with banks and suppliers, which was around 12 billion pesos ($173 mn). It also guarantees the maintenance of the jobs and plans an expansion to Uruguay, Paraguay and Bolivia.
YPF Luz announced tomorrow it would launch a public offering for the placement of a series of Negotiable Obligations of the “linked dollar” type for an initial amount of $30 with maturity in 18 months. The public offering scheduled for tomorrow and the closing on the following Friday. The amount could be increased depending on the response of the market, and may also subscribe in pesos.
Echo Energy PLC has told investors it is looking positively to advance value creation opportunities, as it remains “well-positioned”. In its financial results statement for the twelve months ended December 31, 2019, the company confirmed a stronger end to the year, with net production averaging 2,505 barrels oil equivalent per day in the months of November and December. A review of reserves at the end of 2019 confirmed a reserve base of 3.8mln barrels oil equivalent.
Scania Argentina, subsidiary of the Swedish auto manufacturer, has announced it is now powered by 100% renewable energy. The company said since April, six wind turbines located in a wind farm in Cordoba, has provided the company with the 22,400MW needed every year for its industrial and commercial operations. By switching to 100% renewable energy, Scania Argentina’s factory and its entire dealership network in the country are now avoiding the emission of some 14,600 tonnes of carbon dioxide into the atmosphere.
The Argentine oil company YPF sold $100 million in bonds, four times more than expected. The initial amount was $25 million but the demand registered allowed the company to increase the amount to $100 million. The placement of these bonds comes at a time when large companies are trying to take advantage of abundant market liquidity through instruments adjusted for the evolution of the dollar.
Globalstar has announced the deployment of a new ground station with second-generation technology in Córdoba, Argentina. The new infrastructure enables voice calls, two-way data communication and internet connection, extending Globalstar’s service throughout South America. The new station will allow uninterrupted coverage in the territories of Argentina, Brazil, Chile, Paraguay, and Uruguay.
Scania Argentina, a unit of Swedish truck maker Scania AB, is running 100% on renewable energy thanks to a power purchase agreement (PPA) for 22.4 MW of wind capacity. The company said it has been receiving a supply of electricity from the Los Olivos wind farm, located in Argentina’s Cordoba province, since this April. The PPA was arranged with local power producer Central Puerto SA.
President Alberto Fernández announced that the government will move to nationalise bankrupt agricultural giant Vicentin. The president said that the government would step in and run the firm for the next 60 days while congressional approval for the move is sought, with agricultural economist Gabriel Delgado serving as trustee.
RSA Inversiones y Representaciones S.A. the leading real estate company in Argentina, announced a net lossof AR$4.187 billion ($60.59 million) for the nine-month period of 2020, compared to a loss of AR$13.442 billion ($194.56 million) during the same period of 2019. This lower loss is mainly explained by the result from the deconsolidation of Gav-Yam, offset by lower results of the market valuation of Clal in the Israel operations center and net financial losses in Argentina.