ETB gets green light to resume investor search

The Colombian administrative court Cundinamarca has revoked a previous suspension order on ETB's investor search, Reuters reports, citing an unnamed company spokesman. On 22 September, a Bogota administrative court temporarily suspended Colombian operator Empresa de Telecomunicaciones de Bogota's search for a strategic investor. The decision followed an ETB workers' union lawsuit to suspend the process. ETB received a lawsuit from the workers union, Sindicato de Trabajadores de la Empresa de Telefonos de Bogota, which aimed to stop ETB's search for a strategic investor. The union feared massive layoffs, in the event a private operator takes control of the Colombian operator. ETB is now expected to relaunch the investor search process and receive offers from interested parties. Following this third court ruling, ETB shares shot up 11.8 percent in morning trading on the stock exchange.