Colombia ready to sell stake in Movistar

Colombian Finance Minister Mauricio Cárdenas said last Friday during an event that the government will sell its stake in Telefónica-Movistar, which amounts to 32.5%.
According to Cárdenas, currently “it is a non-strategic government investment”, El Colombiano reported. It is expected that the process schedule will be known shortly. Meanwhile, the government hired a consortium made up of the investment banks BNP Paribas, Bank of America and Bancolombia to value its shares in Coltel (Colombia Telecomunicaciones-Telefónica).
In this way, the government follows the recommendation of the Organization for Economic Cooperation and Development (OECD), which considers that the State cannot be a regulator and operator in the telecommunications market at the same time.