Metro de Santiago shareholders approve US$524mn capital increase

Shareholders of Metro de Santiago, the operator of the subway system that serves the Chilean capital, has approved a 349bn-peso (US$524mn) capital increase to help finance construction of lines Nos. 3 and 6.

The money will also go toward funding the extensions of lines Nos. 2 and 3, paying off debt, carrying out upgrade work across the existing network and funding the system's safety plan.

Metro de Santiago will issue 11.5bn new shares that will be subscribed by state development agency Corfo and the national government.

Lines Nos. 3 and 6 are due to be finished in 2018 and 2017, respectively.

Line No. 3, a US$1.72bn project, will be 22km and have 18 stations, running from Ñuñoa in eastern Santiago to Huechuraba in the north of the city. The line will pass through six municipalities and serve some 660,000 residents.

Line No. 6 is a US$1.06bn project that will run 15.3km from Providencia in the east to Cerrillos in the west and have 10 stations. This line will pass through eight municipalities and serve 870,000 residents.