Colombia offers to sell stake in Coltel

Colombia’s government, through the Ministry of Finance, last week offered to sell its 32.5 percent stake in Colombia Telecomunicaciones (Coltel), a Telefónica subsidiary.
The government is selling 1,108,269,271 shares for CO$ 2,075 (USD 0.72). In this way, it hopes to raise CO$ 2.3 trillion (USD 795 million). This first stage ends on October 3 and is available for special groups (including employees, former employees and unions). In the second stage, the actions will be offered to public in general.
Last July, the government published the Decree 1215 where it established the sale process of its stake and the minimum price per share. Coltel operates in the country with the Movistar brand. Telefónica has 67.5% of the company.