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Jueves, 26 Mayo 2016 09:14

Bogotá Approves Sale Of ETB

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City council authorizes mayor to sell city's 80 percent of company shares.

The Bogotá City Council has approved the sale of the Bogotá Telecommunications Enterprise (ETB), which authorizes Mayor Enrique Penalosa to begin the process of selling the city’s shares. ETB offers Internet and television to greater Bogotá.

The proposal was approved after a debate that lasted more than 12 hours, with 11 votes ultimately coming in favor and four coming against. The decision gives way to the sale of the district’s 80 percent stock-hold in the company.

Councilman Diego Molano said “the city will not be hurt” by the sale of ETB; rather, the money made as a result will go to investments in the social sector.

“In the article where the sale of the ETB was approved, there are a number of considerations about the fate of the money to be invested in more gardens, schools, health, technology,” he said.

Meanwhile, Councilman Venus Albeiro Silva noted that “the ETB sale will be a great loss for Bogotá. The University District and all Bogotans will suffer for this loss.”

Read More: Congestion Fee Rubs Salt in Bogotá’s Congestion Wounds
Also during the meeting, a total of 162 items of the “Bogotá, Better for All” plan were put to vote, with 140 receiving approval. Another article passed that will allow for tolls on urban roadways. The creation of a movie theater was also discussed.

The development plan received approval for 100 of its 161 articles, and requires 60 billion pesos. This after an announcement in March that Bogotá faces a shortfall of US $300 million in its budget.

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Read 26729 times Last modified on Viernes, 18 Noviembre 2016 13:03


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