A Colombian judge has suspended attempts by the Capital District of Bogota to sell its 86.35% stake in Empresa de Telecomunicaciones de Bogota (ETB), citing irregularities in the approval process. According to Reuters, in handing down its judgement, the country’s Fourth Administrative Court said that the sale process proposed by Bogota Mayor Enrique Penalosa, and carried out by the city council, did not comply with the law. An appeal against the ruling is expected within ten days.
According to TeleGeography’s GlobalComms Database, the sale process was scheduled to begin in May, only to be derailed by a court injunction from a workers’ union. The owners, which seek to raise at least COP2.38 trillion (USD776 million) – equivalent to COP671 per share – to help fund social projects, will reportedly give first refusal to employees, ex-employees, unions and pension funds, although both Telefonica and Millicom International Cellular (MIC) have expressed an interest in acquiring the telco.