The Colombian state has announced yet another delay in the sale of a controlling stake in the state controlled telco Empresa de Telecomunicaciones de Bogota SA.
The announcement caused shares in the telco to plunge as much as 3.7%.
The sale of the…
The Colombian state has announced yet another delay in the sale of a controlling stake in the state controlled telco Empresa de Telecomunicaciones de Bogota SA.
The announcement caused shares in the telco to plunge as much as 3.7%.
The sale of the controlling stake was due to take place on October 16 2009 but was then postponed to June 30 and has now been pushed back again, this time to July 26.
The delay in the sale process is thought to be linked to the country’s anti-trust authorities still needing to approve the potential bidders, which are said to include Telefonica, Telefonos de Mexico and Millicom.
New shares representing a 36.6% stake in the telco are expected to be sold off through the sale, with the winner being the bidder with the highest price per share offer.