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UPDATE 2-Sempra Energy to list about 15-20 pct of Mexican unit
February 26, 2013 / 3:20 AM / in 5 years

UPDATE 2-Sempra Energy to list about 15-20 pct of Mexican unit

MEXICO CITY, Feb 25 (Reuters) - The Mexican unit of U.S. energy company Sempra Energy plans to list about 15 to 20 percent of its shares in Mexico, Sempra said on Monday.

The unit will sell shares through a private offering as well as an initial public offering in Mexico, the company said in a statement.

The offerings, which will raise money for general corporate purposes including expansion plans, should close by April, according to the statement.

Sempra said in a filing with the Mexican stock exchange that it earned $194 million in 2012, up 11 percent from 2011, helped by lower natural gas prices, fewer taxes and financing costs even as revenues fell 26 percent from 2011 to $608 million in 2012.

Sempra Mexico has operated in Mexico for more than 15 years.

Mexico’s government has said it plans to reform the country’s energy sector, which is dominated by state oil monopoly, Pemex.

Foreign energy companies are hoping the planned reforms will create more opportunities for them in Mexico, which is the world’s No.7 oil producer.

Last October, Sempra Mexico was chosen to build a $1 billion natural gas pipeline to connect the U.S. grid in Arizona with northwest Mexico.

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