Colombia Movil to sell 9.25 million shares in IPO

Colombia Movil, Colombia’s third largest mobile operator, plans to sell 9.25 million shares on the local stock market. The company, in which Luxembourg-based Millicom International Cellular (MIC) recently acquired a 50% plus one share stake, said the total number of shares included preferred and non-voting preferred shares. While it did not state what percentage of the company the 9.25 million shares was equivalent to, it is reported that it plans to sell at least a 15% stake by the end of February 2007. Shareholders will meet again next week to decide the price of each share, Leyla Ponce de Leon, the company’s press officer said. Colombia Movil operates under the Ola brand.