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Telefonica denies plans to sell Colombian arm

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.

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Written by Rico

Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!