Telefonica SA TEF- Arbitration award Coltel (2680M)
27 July 2017 - 5:12PM
UK Regulatory
TIDMTDE
RNS Number : 2680M
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
On July 25, 2017, Colombia Telecomunicaciones, SA E.S.P.
("ColTel", 67.5% of which is owned, directly and indirectly, by
Telefónica and 32.5% of which is owned by the Government of the
Colombian Nation) and another telecom operator were notified of the
arbitration award 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. The arbitration award is not
favorable to the co-defendants and is subject to a potential
procedure for clarifications and/or corrections at the request of
either party.
Telefónica is currently assessing the implications of the 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
END
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July 27, 2017 03:12 ET (07:12 GMT)
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