Next week will begin the process of selling the shares of Empresa de Telecomunicaciones de Bogota (ETB), which currently owns the city council. According to the Ministry of Finance, each share is valued at CO$ 671 (USD 0.22). The base price of the company is CO $ 2.38 billion (USD 800.5 million).

According to local media, the sale will be carried out in two phases. The first one will start during the second week of May and will be open for open to employees, former employees, trade unions, employee funds, mutual investment funds and cooperatives. In the second phase will be open for all interested investments.

The Mayor’s Office reported that in either case, the Administration will analyze the capacity of the potential buyers in order to ensure the continuity of the company and the adequate provision of the services it provides.

Currently, the city owns 86% of the company. The Mayor of Bogotá, Enrique Peñalosa, said that the proceeds from the sale of the company will be used in social projects in areas such as schools, hospitals and security.

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