ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

ETB Establishment Investment Trust Plc

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Establishment Investment Trust Plc LSE:ETB London Ordinary Share GB00BKC5RN42 ORD 25P B RIGHTS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

2ND UPDATE: Colombia's ETB To Pick Controlling Partner Oct 16

07/07/2009 8:41pm

Dow Jones News


Establishment Investment (LSE:ETB)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more Establishment Investment Charts.

Colombian state-controlled telephone company Empresa de Telecomunicaciones de Bogota SA (ETB.BO) will select a partner to inject fresh capital in return for a controlling stake in the company around Oct. 16, ETB said in a filing to the local market regulator.

The company will sell new shares, equivalent to a 36.6% stake, to the new partner, who will be selected during a public auction to be held around Oct. 16. The winner will be the one that offers the highest price per share, Juan Carlos Alvarez, an investment banker with the local unit of Santander SA (STD), which is handling the process.

The city council, which currently controls the company, will change its current shares into non-voting shares so the new partner will control the company, Alvarez said.

"Unless the bidder decides to submit an offer without operating management and becomes a capitalist partner," he added.

At the same time, ETB will sell other shares to the current minority holders at the same price so that they avoid the dilution of their stakes.

The new partner will have to buy the shares the minority holders don't.

The partner will also commit to hold a tender offer to buy minority shareholders' stakes at the same price as offered in October.

In the case all minority shareholders decide to leave the company, the partner would end up with a stake close to 49%, but with a majority of voting shares, the filing said.

To be able to bid, the new partner will have to operate at least 1.5 million fixed lines or 5 million mobile lines, and at least 100,000 Internet connections. The future partner also must have booked at least $1 billion in total revenues in the last fiscal period.

ETB needs capital to face rising competition from Spain's Telefonica SA (TEF) and Mexico's Telefonos de Mexico SA (TMX).

ETB's revenues from fixed-lines and long distance calls are stagnating as the three firms are now offering fixed-lines, Internet connection and cable TV bundled together, a service known as triple-play.

ETB is controlled by the Bogota city council, which holds 88.4%, while minority shareholders have the remaining 11.6%, according to the company's website.

Shares of ETB ended 3.7% up on Tuesday at 942 Colombian pesos ($0.45), while the IGBC stock index rose 0.1%.

-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com

 
 

1 Year Establishment Investment Chart

1 Year Establishment Investment Chart

1 Month Establishment Investment Chart

1 Month Establishment Investment Chart

Your Recent History

Delayed Upgrade Clock