Colombia’s state-run Empresa de Telecomunicaciones (ETB) saw its worst intra-day price in two weeks as its search for a partner continues.
ETB dropped by 3.6% to 993 pesos, the lowest since November 12.
The company had postponed the date when it plans to sell a stake to the winning bidder by almost two months.
Carlos Eduardo Gonzales, an analyst at Medellin brokerage Bolsa y Renta said the process could have been delayed by a lack of interested bidders.
“The delay is extremely negative, something had to have happened, we still think it will arrive at a happy ending”, Gonzales said.
ETB began its search for a partner in July.
Meanwhile in Medellin, the telecom unit of Empresas Publicas de Medellin (EPM) sold COP300 billion worth of inflation-linked bonds on Friday.
Half of those sold were as five-year bonds returning 3.99 percentage points over the Colombian price index (CPI) with the remaining being 10-year bonds yielding 5.10 percentage points above the CPI.
EPM plans to use the funds to help finance its COP2.7 trillion investment schemes for the years 2010-2015.