The government would be prepared to sell its remaining shares in the company, according to media reports

The Colombian government has said that it intends to sell its 32.5 per cent stake in Telefonica Coltel, according to a report by Reuters news agency.

Telefonica’s Coltel operates under the brand name Movistar in Colombia and is the biggest telecoms operator in the country.

According to Reuters, the Colombian government owns just over 1.1 billion shares in Coltel and is expected to make 2.3 trillion pesos ($795 million from the sale).

In August last year, Telefonica increased its holdings in Coltel to 67.5 per cent. The company has not yet confirmed whether it intends to make a bid for the Colombian government’s remaining shares.

Movistar boasts around 17.9 million customers across Colombia, 14.6 million of whom take mobile services and 1.6 million take fixed broadband services. The remaining 1.7 million customers take digital television and fixed line services. The Colombian government said that its offer to sell its shares in the company will remain open until the 3rd October 2018. It has not named a preferred bidder. 

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