UTE, the State-owned electricity company, has called for a bid in order to identify a private investor for the construction of a new gas power station that will replace the State-owned fuel oil power station, the so-called Central Batlle. The deadline for presenting offers is January 22, 2002.
The Uruguayan Government has approved Decree No. 442/001 of November 13 establishing an interconnection regime governing international and cellular telephony operators.
The Irish software manufacturer Trintech has purchased the sole production, distribution and marketing rights to a software package developed by the Uruguayan company Sursoft. The software is used to ensure the safety of credit card transactions over the net. The deal, worth over US$5 million, is expected to close this month.
The Portuguese company Companhia Mineira de Talcos Ltd. (COMITAL), has entered into a joint venture agreement with Fábricas Nacionales de Papel (FANAPEL), an Uruguayan company, to set up industrial facilities for the production of chemical products for paper and painting companies. The plant opened for business on October 12.
Unidad Coronaria Movil (UCM) and IMPASA have initiated a joint venture in the health sector called Alianza Salud. A spokesperson says that, under the new structure, both companies will keep their businesses and clients but will encourage an affiliation (own clients and third parties) to this new structure. The purpose of the joint venture is to improve efficiency and reduce costs. IMPASA will focus on hospital treatment and UCM will focus on emergency and out of hospital health services.
Administración Nacional de Combustibles, Alcohol y Portland (ANCAP) has retained the Uruguayan firm Guyer & Regules and the Argentine firm Marval, O'Farrell & Mairal, together with NewYork-based investment bank Salomon Smith Barney and Arthur D Little, to assist the company in its search for a strategic investor in the refining and distribution of oil. ANCAP is a wholly-owned oil company and reportedly the largest company in Uruguay.
The Inter-American Investment Corporation (IIC), the multilateral financial institution that is part of the Inter-American Development Bank Group, has approved a 10-year, US$4 million loan to the Uruguayan company Solenur SA (now renamed Camino a las Sierras SA).
On September 27 Banco Bisel SA, an Argentine bank controlled by Caisse Nationale de Crédit Agricole, acquired an equity interest of 49.14 per cent in Banco ACAC SA, a Uruguayan retail bank which was controlled by Cooperativa Acac (70 per cent) and Caisse Nationale Crédit Agricole (30 per cent). The transaction involved a capitalisation of US$13 million. Following the acquisition Banco Bisel SA and Caisse National de Crédit Agricole hold a controlling equity interest in Banco ACAC SA.
On August 9 the Central Bank of Uruguay (BCU) enacted Circular No. 1755 containing new rules governing public offerings of offshore funds. The circular establishes that financial intermediation institutions, banking houses (casas bancarias), brokers associated with an authorised stock exchange and corporations administering offshore funds - acting through their local branches or representations - are entitled to publicly distribute such funds in Uruguay.
Ferrere Lamaison has acted as counsel to Weyerhaeuser in the purchase of Uruguayan forestry subsidiaries belonging to West Fraser. The deal - one of the more significant in Uruguay during the first part of 2001 - was completed on June 29.