Speculation is rife in Colombia that telco Empresa Telecomunicaciones de Bogota (ETB) could be put up for sale after its shareholders meeting on 22 March.
Currently the district of Bogota owns 88.4% of the company’s shares, with private investors making…
Speculation is rife in Colombia that telco Empresa Telecomunicaciones de Bogota (ETB) could be put up for sale after its shareholders meeting on 22 March.
Currently the district of Bogota owns 88.4% of the company’s shares, with private investors making up the rest.
Colombian newspaper La Republica reported on Wednesday that boardroom changes, weak financial results and uncertainty on the stock market were all issues that were going to be discussed at the shareholder meeting.
The newspaper cited a source close the process saying that ETB needed US$400m a year in order to grow and develop.
Reports in December suggested that the company’s board had recommended to the state financial regulator that the company should be sold, after the company had failed to find any strategic partners.
The company had been looking to attract a partner since 2008, but ended the process in September after its deadline passed without any bids being offered – despite reported interest from Oi, Telmex and Telefonica.
