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Metro de Santiago shareholders approved a 160bn-peso (US$217mn) capitalization to repair subway stations damaged during the October 18 protests. Complete repairs are expected to cost US$375mn. A metro spokesperson told BNamericas that “it hasn’t been detailed how this tender would look like. It could be a normal tender, which takes a considerable amount of time, or it could be another system due to the hurry to recover all stations.” The capital increase was approved during an extraordinary meeting by the operator’s two main shareholders, the finance ministry and state-owned development agency Corfo, according to a notice to market regulator CMF. Funds will come through fiscal contributions. Last month, the operator had to withdraw a funding proposal as unions complained it would result in loss of benefits. The tenders will cover only repairs that were most damaged on October 18, when arson attacks destroyed rails, electric systems and other infrastructure. In November, Metro de Santiago said seven stations wouldn’t reopen until late 2020. Due to the repairs, the opening of new lines No. 7, 8 and 9 was also pushed back by one year. |
