Sempra is awaiting regulatory approvals and launching the exchange offer, which plans to do so for 0.0313 of its shares for each Nova Energy Infrastructure that it does not own. He also stated that he hoped that the independent directors of the Mexican firm would give an opinion on the exchange factor.

In early December, when Sempra revealed plans to make up 100% of its subsidiary in Mexico, it reported that it will pay 82 pesos for each of the shares. At the close on Thursday, each radio title in Mexico was traded at 74.78 pesos, which would imply a prize of 9.65 percent.

For its part, IEnova confirmed that such an offer is still subject to obtaining the required corporate and governmental authorizations.

"The Board of Directors, with the opinion of its Corporate Practices Committee, will carry out the evaluation of the proposed public procurement offer under the terms and times provided for in the Securities Market Act," he reiterated in its fourth-quarter financial report presented yesterday at the BMV.

José Espitia, Deputy Director of Stock Analysis at Banorte, considered that one of the relevant topics following IEnova's report will be to learn more about the OPA.

A report by qualifier Fitch Rating noted that Sempra Energy recorded 13,560,498 common shares for a $1.72 billion redemption offer on January 12.

The purpose of this acquisition is to delist IEnova from the BMV and to list Sempra Energy's common shares in the Mexican stock market. Currently the San Diego, California-based company holds 70.2% of IEnova's outstanding ordinary shares.

"The transaction is part of Sempra's plans to simplify its investments in energy infrastructure under one platform (create Sempra Infrastructure Partners) to position the business and shore up growth, as well as quote its shares in the BMV," according to Fitch's report.

Other applications from companies such as Ingeal, which owned the Mac'Ma cookie brand, have also been accumulated upon IEnova's desliste; the Benavides Pharmacy Chain (Bevides); General Insurance (Genseg) and paper producer Bio Pappel.

More liquid and robust

In the presentation Sempra said that this movement will give investors the opportunity to invest in an energy infrastructure company in North America, which is more robust, with $67 billion in assets registered as of September 30, 2020, diversified, with greater geographic reach and liquidity on the stock exchange.

Sempra is currently worth $35,848 million on the stock exchange, while IEnova's market cap is $5.604 million and its total assets amounted to $10.466 million at the end of December 2020.

"Sempra's common shares would be listed in the BMV, allowing local investors in IEnova to acquire a Public listed Sempra stake and maintain their investment in Mexico's energy infrastructure sector," the U.S. energy firm reiterated.

As another benefit, he highlighted his growing dividends, which have increased by more than 10% over the past decade, on a composite annual basis.

For the entire of 2020, the Mexican broadcaster that is part of the main index of the Mexican Ball, reported growth of 7%, to 1,006.1 millionadjusted EBITDA, compared to $938.2 million equal in 2019.

However, the 2020 profit fell 1%, to $461.1 million and its revenues fell sharply by 9%, which totaled $1,261.3 million.

Falls 10% EBITDA

IEnova reported a 10% drop in operating flow (adjusted EBITDA), which amounted to $229.3 million in the fourth quarter of 2020, compared to the same period of the previous year.

"The result was from lower results at the Mexicali Thermoelectric power plant related to scheduled three-week maintenance in December, lower performance in Ventika and higher operating expenses," explained the station in the document sent to the BMV.

The company engaged in the business of transporting, storing and distributing natural gas and power generation in Mexico also recorded falls of 1%, both in net income and in its revenues.

IEnova reported that its earnings were $141.6 million in the fourth quarter of 2020 compared to $143.7 million in the same period in 2019.

judith.santiago@eleconomista.mx

• Sempra