ETB Rallies on Outlook for America Movil Payment: Bogota Mover
Empresa de Telecomunicaciones de Bogota SA, the city-owned phone company in Colombia’s capital, gained the most in seven weeks after saying it expects a 180 billion peso ($99 million) payment from America Movil SAB.
ETB gained 4 percent to 413 pesos at 11:59 a.m. in Bogota, headed to its biggest advance since Feb. 1. The shares were the best performers on the IGBC index, which gained 0.9 percent.
ETB president Saul Kattan said in an interview on W Radio that he expects the company to get the payout from America Movil’s Claro unit after a Colombian court ruled in favor of ETB in a dispute over connection fees.
Claro “should have paid back that money a long time ago,” Kattan said on W Radio.
Claro said the court order “at no moment establishes the amount to be returned” to ETB, making it “not possible to comply” with the verdict. Claro said in a Colombian filing that it will resort to all legal alternatives to defend its interests.
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