Telefónica prepares to list Argentine subsidiary

Telefonica–

Spanish telecommunication company Telefónica announced in a filing to the Argentine regulator that it had called a shareholder meeting –to be held on April 16- to approve the listing of its Argentine subsidiary on the stock exchanges and markets that the board of administration determine.
This move will provide funds to reduce debt and expand the company’s fibre network in the country. Telefónica plans to modify the bylaws of the Argentine subsidiary and it is considering modifying the nominal value per share. According to Reuters, a Telefonica spokeswoman said the group “is analyzing different options to increase the value of its asset portfolio, including that of Telefónica Argentina.”
In turn, a source with knowledge of the operation said that Telefónica wants the list the unit on the the Buenos Aires and United States stock exchanges. Telefónica controls 100% of the A and B shares of its Argentine subsidiary, which is valued at around € 4.7 billion (USD 5.8 billion), including debt, according to Barclays.
At the end of 2017, the Argentine unit had 25 million customers and reported annual revenues of €3.5 billion (USD 4.3 billion).