Transener, Argentina’s largest high-voltage electricity transmission company, faces intense scrutiny following its recent privatization.
The new controlling group approved a 253 billion peso dividend distribution just one day after finalizing the acquisition of state-owned shares.
National Securities Commission (CNV) filings reveal the board distributed funds from a reserve established before the change in ownership.
Critics allege the buyers are using Transener’s existing cash reserves to fund a significant portion of the purchase price.
The new ownership consortium includes Genneia, Edison Transmisión, Newsan, and the investment fund Inverlat.