Bogota’s Majorship decided not to sell Bogota’s Telecommunications Company (ETB), as confirmed by Beatriz Arbeláez, Finance Secretary of that city. The announcement was made by Jorge Castellanos Rueda, who presides ETB since 2016. In December 2018, Cundinamarca Administrative Court ruled in the second legal instance against the District and ratified the nullity of ETB sale, endorsed by Bogota’s Council.
‘ETB must start to manage and adapt itself to the trepidant telecommunications industry changes, but also to be efficient from the operative field, that is, its cost structure to be efficient and its management guarantees value generation, as every company main purpose’, said Wilson Sanchez, an Economy and Stock Exchange Expert from Bogota Central University.
The determination ends up the process initiated by Major Enrique Peñalosa in 2016, when he proposed to break off 88.4% ETB participation that belonged to the district. 11.6% remaining had been removed from the State in 2013.
In its latest financial reports, ETB had a USD 7.3 million net unit and a higher billing than the ones recorded in previous reports. The company also made a 133 thousand subscribers growth in its pay TV base.