Telefonica SA TEF- Arbitration award Coltel (3128M)
July 27 2017 - 6:17AM
UK Regulatory
TIDMTDE
RNS Number : 3128M
Telefonica SA
27 July 2017
TELEFÓNICA, S.A. (herein after "Telefónica") as provided in
article 228 of the Spanish Stock Market Act (Ley del Mercado de
Valores), hereby reports the following
SIGNIFICANT EVENT
Upon request of the National Securities Market Commission
(Comisión Nacional del Mercado de Valores), we announce in relation
to the Significant Event registered today that, the amount
established in the arbitration award affecting Colombia
Telecomunicaciones, SA, ESP ("ColTel") and other telecommunications
operator in Colombia is 1,652,981 million of Colombian Pesos
(approximately 469.5 million Euros) for ColTel (67.5% of which is
owned by TELEFÓNICA, S.A. and 32.5% of which is owned by the
Government of the Colombian Nation) and, therefore, out of this
aggregate amount only 67.5% could be relevant for TELEFÓNICA,
S.A.
The arbitration award was issued in the arbitration proceedings
initiated by the Colombian Ministry of Information Technologies and
Communications ("ITC") in connection with its intention to revert
certain assets earmarked for the provisions of mobile voice
services under former concessions.
As indicated in the aforementioned Significant Event, we
reiterate that the arbitration award is subject to a potential
procedure for clarifications and/or corrections at the request of
either party and that Telefónica is currently assessing the
implications of such award and the remedies available both at the
domestic and international levels.
Madrid, July 27, 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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