Medellin-based utilities giant EPM announced last night (May 25) that its board of directors just voted to start the process of selling its minority stake in the “UNE-EPM” telecom-internet-cable TV company and the related “Inversiones Telco” company.

UNE-EPM is a partnership between EPM and Spain-based multinational telecom provider Millicom.

According to EPM, proceeds from the proposed sale would be reinvested in EPM’s other businesses, mainly in electric power, water, sewer, trash and natural-gas services.

Medellin Mayor Daniel Quintero now must present the proposed divestiture of its stake in UNE-EPM to the Medellin City Council for final sale authorization, according to EPM.

UNE-EPM posted net losses in 2020 and 2018, while its 2019 net profit came-in at just COP$519 million (US$128,000).

For first quarter (1Q) 2021, UNE-EPM posted a net loss of COP$87 billion (US$23 million), an improvement over the COP$189 billion (US$50.5 million) net loss in 1Q 2020