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Colombian capital to sell ETB shares in mid-May
April 27, 2017 / 2:48 AM / in 8 months

Colombian capital to sell ETB shares in mid-May

BOGOTA, April 26 (Reuters) - 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 mid-May.

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 financial regulator.

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

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