We're not selling up in Colombia, says Telefónica

Spanish telecoms company Telefónica said it would not sell its unit in Colombia and was beginning talks with the Colombian government, also a shareholder, to find ways to capitalize the business and increase liquidity.

"In Colombia I want to stress that we are not sellers," chief financial officer Ángel Vila said on an analyst call following the group's first quarter results.

Last month Spanish online newspaper El Confidencial reported that Telefónica was planning a partial listing of its Colombian business to help cut debt.

Source: Reuters