TelefonicaSpanish telecoms giant Telefonica has said that it is not looking to sell its Colombian arm, Movistar Colombia following reports that the company was planning a partial listing of the business as part of its debt reduction measures.

Reuters writes that officials denied the speculation quoting Telefonica CFO Angel Vila as saying: ‘In Colombia, I want to stress that we are not sellers.’

The company is involved in talks with the government regarding ways to capitalize the business and increase liquidity.

Bogota owns a 30% share in the full service provider following a restructuring of the telco in May 2012 that combined Telefonica’s wholly-owned wireless subsidiary Telefonica Moviles Colombia with fixed line operator and 50/50 joint venture Telefonica Telecom.