Peter Wilson

December 04, 2000

CARACAS, Dec. 4 (Bloomberg) — AES Corp.’s Venezuelan unit, the holding company for the country’s No. 1 publicly traded power company, said shareholders approved a special one-time dividend payment of $192 million.

Shareholders of Grupo EDC, which includes CA Electricidad de Caracas and Corporacion EDC, will receive 45 bolivars ($0.064) per share. A date of record will be set once the dividend request is approved by the country’s security regulators.

Funds for the dividend will partially come from Grupo EDC’s earlier sale of $235 million in Colombian assets to Spain’s Union Fenosa.

AES, the largest U.S. power-plant developer, took control of Electricidad this year in a $1.66 billion hostile takeover, the largest in the country’s history.

Grupo EDC said it expects to have a fourth-quarter loss as it continues to restructure its operations.

Electricidad de Caracas shares fell Friday 0.7 percent to 305 bolivars.

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