BOGOTA, April 26 The city government of
Colombia's capital Bogota said on Wednesday that it will begin
the sale of its controlling stake in telecommunications company
ETB for at least 2.38 trillion pesos ($813 million) in
The sale value, which will help finance social projects, is
equivalent to 671 pesos per share for 86.35 percent of the
company, city finance officials said in a filing to the
The sale of shares will begin in the second week of May, the
filing said, and will give first choice to employees,
ex-employees, unions and pension funds.
The sale was approved by the city council last year, but
employee unions have opposed the sell-off. The company provides
television, internet and mobile services.
($1 = 2,928.07 Colombian pesos)
(Reporting by Nelson Bocanegra, writing by Julia Symmes Cobb,
editing by Richard Pullin)