An administrative court in Colombia’s Cundinamarca department has prohibited the Capital District of Bogota from selling its 88.4% stake in local telco Empresa de Telecomunicaciones de Bogota (ETB) – reaffirming an initial decision handed down by the country’s Fourth Administrative Court in July 2017.
According to TeleGeography’s GlobalComms Database, the sale process was scheduled to begin in May 2017, only to be derailed by a court injunction from a workers’ union. The owners sought to raise at least COP2.38 trillion (USD776 million) – equivalent to COP671 per share – to help fund social projects.