ETB and Emcali seek strategic investors

17 Sep 2008

Colombian municipal telco ETB expects to select an investment bank to advise on the different alternatives to find a strategic partner on 20 October, writes BNamericas citing local paper Portafolio. Interested investment banks have until 1 October to present proposals. The winner will also help ETB find financing alternatives; the firm’s shareholders recently authorised its board to seek USD300 million in financing.

Meanwhile rival utility company Emcali’s general manager Susana Correa is quoted as saying that the future of the company’s telecoms arm could be uncertain if plans to spin off its telecoms operations fail. According to Correa, Emcali’s telecoms business is facing a difficult situation since its revenues are declining while costs are expanding. ‘We need to evaluate the different strategies for this unit, to try to save it,’ the executive said. She added that – like ETB – Emcali is looking for a strategic partner in the telecoms segment.