ETB share sale to commence in May

28 Apr 2017

The city government of Colombia’s capital Bogota intends to begin the sale of its controlling stake in state owned telecoms operator Empresa de Telecomunicaciones de Bogota (ETB) in mid-May, with a view to raising at least COP2.38 trillion (USD813 million). According to Reuters, which cites a filing to the financial regulator, the sale value is equivalent to COP671 per share, for 86.35% of the company. ETB will reportedly give first refusal to employees, ex-employees, unions and pension funds.

As previously reported by TeleGeography’s CommsUpdate, Bogota city council voted in favour of the plan to sell its controlling stake in ETB in May 2016, with the motion passed by a majority of eleven votes to four. The process has been held up, however, by complaints from employees and the Bogota comptroller, which cautioned that the prospective sale failed to meet technical, social and economic criteria.

Colombia, Empresa de Telecomunicaciones de Bogota (ETB)