Colombia's EPM OKs $71 million funding for telecoms unit Tigo
05/10/2023 16:27
BOGOTA, Oct 5 (Reuters) - Colombian public services
company Empresas Publicas de Medellin (EPM) said its board had
approved injecting 300 billion pesos ($70.5 million) into Tigo,
the country's third-largest cellphone operator, which it jointly
operates with Millicom.
Millicom had proposed that the partners put up a total of
600 billion pesos ($141.1 million) for the subsidiary, which had
15.1 million clients at mid-year.
"With this decision, EPM's board of directors affirms its
commitment to searching for alternatives to ensure the viability
of Tigo-UNE, and the wellbeing of all its interest groups," EPM
said in a statement Wednesday evening.
EPM, controlled by the central city of Medellin, said the
capital injection, meant to strengthen Tigo's cash flow, is
subject to necessary authorizations.
Millicom did not immediately respond to a request for
comment.
($1 = 4,252.09 Colombian pesos)
(Reporting by Luis Jaime Acosta; Writing by Kylie Madry;
Editing by Richard Chang)
((luis.acosta@thomsonreuters.com))