The Board of Directors of Empresas Publicas de Medellin (EPM) has held an extraordinary general meeting in which it has opted not to accept the recapitalisation requested by Tigo Colombia – the telecoms operator it co-owns alongside Millicom International Cellular (MIC). As a result, Millicom is now obliged to buy EPM’s share of the joint venture.
In the wake of the meeting, Medellin Mayor Daniel Quintero wrote on social media: ‘In a legal manoeuvre, Millicom forced the vote on a dilution that leaves us with only 2% of the company … This hurts our soul. UNE was a successful and 100% public company. I hope one day those responsible will be punished.’
EPM currently holds a stake of 50% (plus one share) in Tigo Colombia, while Millicom owns 50% (minus one share).