Telefónica outlines bold investment plans

12 Aug 2003

Spain’s largest mobile operator Telefónica Moviles [NYSE: TEM] has said that investment in its domestic and Latin American operations will reach between EUR1.2 billion and EUR1.4 billion by the end of the year. Having poured EUR920 million into its portfolio of shareholdings during 2002, the operator recently announced plans to invest a further EUR600 million in its Spanish subsidiary, the same amount in its Mexican operations and EUR150 million in Brazil over the next five months.