In early July, Medellín's mayor, Federico Gutiérrez, announced via his X account the intention to present a project to the District Council to authorize Empresas Públicas de Medellín (EPM) to divest either partially or wholly its shares in UNE EPM Telecomunicaciones S.A. (Tigo) and Inversiones Telco S.A.S. Yesterday, the mayor submitted the document.

“It is preferable for EPM to manage its investment in UNE and Invertelco in strategic businesses where it has competitive advantages and that are more aligned with the acceptable risk level for a public utility company and its owner, the Special District of Medellín”, says the project submitted by Mayor Gutiérrez.

The document highlights that UNE and Invertelco are assets not consolidated in EPM’s financial statements, so their sale would not negatively impact the company's commitments. Instead, it would improve the situation by avoiding an increase in debt. “The telecommunications sector presents a different and higher risk level compared to the energy, water, gas, and other sectors in which EPM operates,” the document notes.