OREANDA-NEWS. A Colombian court has temporarily suspended the government's sale of its majority stake in power utility Isagen just days before the 19 May auction.

Colombia's State Council administrative court ruled to temporarily suspend the sale of the government's 57.61pc stake in Isagen because the sale could "damage the public interest."

Three foreign companies had been pre-qualified to participate in the bidding: France?s Engie, Chile?s Colbun and Canada?s fund Brookfield Asset Management.

Others that had previously shown interest include Spain?s Gas Natural, China?s Huadian, US Duke Energy and Brazilian Geracao Paranapanema.

The government is hoping to raise 5.25 trillion pesos (\$2.2bn) from the sale to pay for infrastructure investment, including a huge road-building campaign.

This is the third time the sale has been suspended. In March 2014, the same court temporarily blocked it in response to legal action taken by an activist group that wants to keep the utility in state hands. The following August, the finance ministry suspended the sale because of uncertainty surrounding the start-up of the utility's 820MW Sogamoso hydro plant, which finally occurred at the start of this year.

Finance minister Mauricio Cardenas today called on the state council "to clarify the process," and "make a determination as soon as possible."