Office towers in northern Bogotá, the city that controls GEB. File photo. photo. Aerial view of northern Bogotá, Colombia, with the office towers of the Santa Bárbara business area, March 2018. Photo: Alejandro Turola, CC0, Wikimedia Commons.

Companies: Colombia

Grupo Energía Bogotá (GEB), an electricity and natural gas company controlled by the city of Bogotá, will ask shareholders on Monday 30 November 2026 to approve issuing up to 450 million new shares. The company announced the call on Friday 13 November 2026 as part of its plan to list in the United States.

What GEB Is Asking Shareholders to Approve

GEB said its board called an extraordinary shareholder meeting for 30 November 2026 so the company would have the option of raising capital through an issue of ordinary shares and a possible public offering at home and abroad. The company links the step to its international listing project and its growth strategy.

The agenda covers an issue of up to 450 million ordinary shares, placed without the preemptive rights that normally let existing owners buy first, according to the notice summarised by Bogotá’s business press. It would also hand the board the decision on timing, final amount and placement terms.

Who Controls the Company

GEB’s own latest list of top shareholders shows Bogotá Distrito Capital, the city government, with 6.03 billion shares, or 65.68%.

By our arithmetic, the shares in issue come to about 9.18 billion, so 450 million new shares would be about 4.9% on top. If the city did not buy any and the full amount were sold, its stake would fall to roughly 62.6%.

Why It Matters for US Investors

On 28 September 2026, GEB said, holders of 99.97% of the shares represented at an extraordinary meeting backed starting registration with the US Securities and Exchange Commission, the American market regulator. The same vote approved a US listing through American depositary receipts (ADRs), which are certificates that trade in dollars and stand for shares in Colombia; see our

plan for a US listing.

A new share issue would be the way fresh money could reach the company ahead of such a listing. The city keeping a majority, or not, will shape how US investors weigh the stock.

Plaza de Bolívar in central Bogotá, seat of the city government. File photo. photo. Plaza de Bolívar in Bogotá with the Palacio de Justicia, the cathedral and Monserrate hill, Colombia, 2011. Photo: Baiji, CC BY-SA 4.0, Wikimedia Commons.

What Is Not Known

GEB has not published a price, the final number of shares or a date for any sale. It also has not said how much would go to which project, and we have no confirmed US$ value for the issue.

What to Watch Next

The extraordinary meeting is set for Monday 30 November 2026, and GEB said it would publish the meeting documents on its website within the notice period. Any placement date is not confirmed.

For earlier context, see our report on GEB’s

third-quarter results and our Colombia coverage.

Frequently Asked Questions

How many new shares could GEB issue?

Up to 450 million ordinary shares, if shareholders approve on 30 November 2026. That is a ceiling, and the board would set the final number.

Would existing shareholders get first call?

The proposal is to place the shares without the preemptive rights in GEB’s bylaws. That means current owners would not automatically be offered new shares in proportion to their stake.

Who controls GEB?

The city of Bogotá holds 65.68% through Bogotá Distrito Capital, according to GEB’s latest shareholder list. No sale price has been set.