Bogota to sell majority stake in ETB

Bogota will sell its 86.6% stake in Empresa de Telecomunicaciones de Bogota (ETB), the mayor’s office announced Wednesday.

After two unsuccessful years of searching for a “strategic partner,” the mayor’s office decided in favor of privatization.

Cristina Plazas, a close aide to President Manuel Santos, told Bloomberg that the mayor’s office “is convinced that selling the business is the best option.”

Plazas was asked to step in for Bogota’s mayor, Maria Fernanda Campa, after she declared a conflict of interest as an ETB stockholder.

Stock prices for ETB have decreased by 33% in this year alone.