Less than a month before conducting due diligence of potential suitors, Colombian telecoms operator ETB has reported an 83% drop in profits.
The company announced an H1 10 net profit of Ps41.6bn (US$22.7m), a fall of 83% from Ps244bn (US$133.5m) in the…
Less than a month before conducting due diligence of potential suitors, Colombian telecoms operator ETB has reported an 83% drop in profits.
The company announced an H1 10 net profit of Ps41.6bn (US$22.7m), a fall of 83% from Ps244bn (US$133.5m) in the same period last year.
ETB is currently in the process of looking for a strategic partner to bring in more capital and make the company more competitive, as previously reported on TelecomFinance. The three bidders are Telefonica, Telefonos de Mexico and Millicom, but the process is still open.
The Bogota municipal government currently holds 86.6% of the company, while minority shareholders hold the remaining 13.4%.
The due diligence deadline for selection of the new strategic partner is currently set for August 30.
