Colombia sets share price for Coltel

The Government of Colombia set the conditions for the sale of its 32.5% stake in Colombia Telecomunicaciones (Coltel), whose majority shareholder is Telefónica. Through a decree of the Ministry of Finance, the share price was established at CO$ 2,075 (USD 0.72), for which the State intends to obtain CO$ 2.3 trillion (USD 800 million).
The sale process of the 1,108 million shares will be carried out in two stages. In the first, a public offer will be made for the company’s employees, pensioners and former employees, among others. In the second stage, the actions will be offered to the public in general.
According to El Tiempo, the sale is part of the ‘Plan de enajenación anual global’ for the 2018 period, presented to the Congress of the Republic at the end of February. In February of this year, Colombian Finance Minister Mauricio Cárdenas said that stake in the company was “a non-strategic government investment.”