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EPM rejects recapitalisation request; Millicom must buy co-owner’s stake in Tigo Colombia

18 Sep 2023

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).

Colombia, Millicom International Cellular (MIC), Une EPM Telecomunicaciones (Tigo Colombia)

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