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General

Government approves Telefonica Colombia capitalisation

Thursday 23 March 2017 | 10:41 CET | News
The Colombian government has approved a proposal from Telefonica Colombia to capitalise COP 4.4 trillion (around USD 1.5 billion) in assets to pay off debt and pension liabilities, reports business daily Dinero. The government, which still owns 32 percent of the company following the merger of of Colombia Telecomunicaciones (Coltel) and Movistar Colombia in 2012, will provide COP 1.2 trillion in funds, while Telefonica will cover the remaining COP 3.2 trillion. The ultimate aim is to improve the company's cash flow and debt level, said the report, adding that last year's unexpectedly high

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Categories: General
Companies: Movistar Colombia / Telefonica
Countries: Colombia
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