The privatization plan promoted by the Government of
Javier Milei continues to advance and, after the recent decision to put
Intercargo up for sale and modify the status of the Río Turbio mining company, it is now preparing to transfer the majority stake of the water company
AySA.
In this line, Milei's Government is considering two
possible paths: conducting a
tender to find a buyer or
releasing the company's shares on the Stock Exchange, allowing an interested party to acquire majority control. In this context, some
Spanish companies have expressed their interest in the national firm.
Meanwhile, La Libertad Avanza (LLA) turned
Trenes Argentinos Operaciones (SOFSE) and
Trenes Argentinos Infraestructura (ADIFSE) into
corporations, a key step for their
future privatization.
Thanks to the adjustment made, AySA closed the year 2024 with a positive balance of approximately
$104,000 million, a fact that Milei's Government considers an additional attraction for international investors.
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An alternative being evaluated in the LLA environment is to offer shares with special privileges on the Stock Exchange, allowing whoever acquires them to take control of the state company's board. These shares would be sold at a
higher price than ordinary shares.
Regarding the tender option, it would also involve placing a set of strategic shares to ensure control of AySA.
In any case, a partial and staggered sale of the company would allow Milei's Government to fulfill a key future objective:
preventing the company from being renationalized in the event of a change in political administration.
Meanwhile, the firm continues
reducing its workforce, and in the last year, it recorded around
1,200 voluntary retirement plan adhesions.
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Regarding potential buyers,
Iñigo Fernández de Mesa, vice president of the Spanish Confederation of Business Organizations (CEOE), recently praised the company, describing it as a "
great company" with the potential to "
be a privatization success."
"
AySA is a top company. Many people have already called us to ask about AySA. It's an interesting company because it's very well managed, but privatizing it will provide resources to invest and improve the service," he stated.
Trenes Argentinos
A few days after authorizing the privatization of Trenes Argentinos Cargas (TAC), the ruling party advanced with a new measure and arranged for
Trenes Argentinos Operaciones (SOFSE) and
Trenes Argentinos Infraestructura (ADIFSE) to cease being state-owned companies and become
corporations. This change
enables private capital participation in both companies.
According to the specialized media Enelsubte, this decision
eliminates the obligation of financial assistance from the Treasury and removes the restriction that prevented
transferring shares to private parties. For this reason, the measure is seen as a new step in the direction of the
privatization of the railway system.
Although this transformation doesn't immediately change the shareholding structure of SOFSE and ADIFSE, it does open the possibility for the Government to start negotiations with
private investors interested in
acquiring participation in these companies.
