Complementing Teachers’ interest, CORFO, a Chilean government agency, continues to hold approximately 30% of the company; other investors own less than 1%. Esval continues as a public company traded on the Santiago Stock Exchange.
“Esval is a well-run company operating businesses that will generate predictable returns over many years to help meet the plan’s pension obligations,” says Stephen Dowd, Teachers’ vice-president, infrastructure. “As a strong, long-term shareholder in Esval, Teachers’ looks forward to supporting the company’s future development and its delivery of high-quality services to the community for many years.”
Teachers’ agreed last August to acquire a 48.92% stake in Esval from Consorcio Financiero and other shareholders. The agreement was conditional on securing a 50.1% interest through a subsequent public tender for all outstanding shares, as required under Chilean law.
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