ETB sale to be decided on 22 March

The sale of Colombian state-owned operator Empresa de Telecomunicaciones de Bogota (ETB) is expected to be decided on 22 March. ETB shareholders may decide to launch the process of selling the operator at their next meeting scheduled for 22 March, La Republica reports. The Bogota city council currently holds 86.59 percent of ETB, while minority shareholders own the remaining 13.41 percent. The city council plans to change its current shares into non-voting shares so the new partner will control the company. Additionally, ETB will sell other shares to the current minority holders at the same price, to avoid the dilution of their stakes. According to unnamed sources familiar with the matter, ETB needs around COP 400 billion (approximately USD 213 million) per year for future development.