ETB management rejects sale reports

27 Jan 2016

State owned Colombian telco Empresa de Telecomunicaciones de Bogota (ETB) has reportedly rejected press reports indicating that the company’s management is considering selling off its controlling stake in the business. According to BNAmericas, ETB has issued a statement to the market saying that such instructions have not been issued by its shareholders, its board of directors or its chairman. TeleGeography’s GlobalComms Database notes that ETB is 88.4%-owned by the Capital District of Bogota, with the remaining 11.6% of the company in the hands of private shareholders.

Earlier this week Enrique Penalosa, the newly appointed mayor of Bogota, raised the possibility of selling ETB, with a view to reallocating the financial resources to other public areas, notably education programmes. The rumoured sale prompted interest from Millicom International Cellular (MIC), with company CEO Mauricio Ramos confirming that MIC’s local unit Tigo-Une would be interested in participating in any future Colombian M&A activity.