Transener shareholders distribute massive dividends following privatization

Following the privatization of Transener, new shareholders Edison Energía (linked to the Neuss brothers) and Genneia have distributed approximately 253,536 million pesos in dividends. This distribution utilized a reserve of funds that had been accumulated while the state still held a stake in the company.

Edison and Genneia recently paid US$356.17 million to acquire the stake held by Enarsa in Citelec, the entity that controls 52.65% of Transener. Shortly after the transfer of shares was finalized in late August, the board approved the distribution of nearly half of a 522,590 million peso reserve originally established in April while the state was still a participant in Citelec.

Of the distributed amount, approximately US$44.6 million was split between Edison and Genneia, representing about 12.5% of the total price they paid for the state package. The Argentine state, through ANSES, retains a direct stake of approximately 19.6% in Transener and will receive roughly 49,615 million pesos from the distribution. Questions have been raised regarding whether the timing of this distribution, which was reportedly suggested by former ENARSA president Tristán Socas to occur after the sale, impacted the final valuation of the company during the privatization process.