Ministry of Finance initiates Telefonica Colombia stake sale

The Colombian government has formally put its 32.5% stake in Telefonica Colombia (Movistar) up for sale, Reuters reports, with the Ministry of Finance kick-starting the COP2.3 trillion (USD800 million) share sale on Thursday 2 August. A total of 1.108 billion shares will be sold via a two-step public offering, with the price set at COP2,075.31 per share. In the first instance, shares will be made available to employees, retirees, unions and pension funds affiliated to the telco, while the second stage of the process will see shares sold to the general public. The shares will be on offer until 3 October.