What's New in Argentina - Special Edition

More Privatizations… AYSA, Belgrano Cargas & ENARSA

Privatization of Argentina’s Water and Wastewater Company (AySA)

Through Decree No. 494/2025, the National Government authorized the privatization process of the state-owned company Agua y Saneamientos Argentinos S.A. (AySA), which is responsible for providing potable water in the Buenos Aires Metropolitan Area (AMBA). 

The regulation enables the sale of 90% of AYSA’s share capital, currently held by the national government, through a national and international public bidding process. The procedure will be overseen by the Ministry of Economy together with the Public Enterprises Transformation Agency.

The sale will be organized in two stages. In the first, at least 51% of the shares will be transferred to a strategic operator within the sector. Subsequently, the remaining shares will be offered on local stock exchanges and markets.

While the government is expeditiously proceeding with the requisite legal measures for AYSA's divestiture, the tender is anticipated to be issued by year-end, with the contract award slated for 2026.

Additionally, through Decree No. 493/2025, the National Government had previously modified the Regulatory Framework for the Provision of Public Drinking Water and Sewerage Services. Said modifications were presented as an essential condition for enabling the entry of private capital into the company, due to the current regime being designed for a state-owned company.

Privatization Process of Belgrano Cargas y Logística S.A. moves forward

Through Resolution No. 1049/2025, the Ministry of Economy initiated the privatization process of Belgrano Cargas y Logística S.A. under the terms of Decree No. 67/2025. The company will be split into three (3)  business units and subsequently dissolved.

Within this framework, the Secretariat of Transportation was instructed to implement various measures to facilitate the process. Among them, the following stand out:

• Auction of rolling stock: An inventory and assessment of assets administered by Belgrano Cargas y Logística S.A. must be conducted, followed by the definition of lots and conditions for their public auction.
• Concession of railway lines and properties: A comprehensive survey will be conducted on the current condition of the railway tracks and infrastructure works of the “Belgrano”, “San Martín”, and “Urquiza” Lines, as well as adjacent properties, in order to determine the terms of the upcoming bidding process.
• Concession of use of railway workshops: An inventory of workshops, tools, and machinery will be carried out to define the conditions under which their use will be granted.

Privatization of Energía Argentina S.A.

Through Resolution No. 1050/2025 (“Resolution”), the Ministry of Economy initiated the privatization process of Energía Argentina S.A. (“ENARSA”) under the terms of Decree No. 286/2025. 

Initially, the process will entail the divestiture of shares in “Compañía Inversora en Transmisión Eléctrica Citelec S.A.” (“CITELEC S.A.”) via a national and international public tender, in accordance with Articles 17 and 18 of Law No. 23,696. CITELEC S.A. is the controlling shareholder of TRANSENER S.A. and is a minority shareholder in TRANSENER INTERNACIONAL LTDA. and TRANSBA S.A. These entities are leaders in the public service of extra-high voltage electricity transmission in Argentina.

Within this framework, the Temporary Special Executive Unit “Agency for the Transformation of State-Owned Enterprises” was instructed to coordinate the necessary actions for the purpose of:

(a) Finalizing the sale of CITILEC's shares within eight (8) months of the effective date of this Resolution; and 

(b) Engaging a bank belonging to the National Public Sector to value the equity interest in CITELEC S.A.

The procedures will be carried out through the CONTRAT.AR platform.
 

For further information, please refer to news@pagbam.com, call (54-11) 4114-3000 or get in touch with us via WhatsApp.