On November 26th, Finance Minister Juan Carlos Echeverry announced the decision by the central government to make public 9.9% of the Colombian state's majority stake in Ecopetrol. After the announcement, Echeverry clarified that the proceeds from this sale will go to the oil company to finance its 2011 investment scheme and not to government coffers to fund infrastructure projects as the President Juan Manuel Santos had said on earlier remarks.
On 2007, the company announce their decision to go public with an initial sale of 10.1% of its shares, the IPO that also trade as American Depositary Shares on the New York Stock Exchange had an initial offering of $18.50 dollars per share and its trading at $42.38 with a high of $51.59 on November 1, 2010 and a low of $15.20 on November 17, 2008.
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