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August 29, 2017

Shareholders approved capitalization of Colombia Telecomunicaciones

At the Shareholders Meeting of Colombia Telecomunicaciones was approved the capitalization of the company of COP6,45 billion, with the aim of settling the outstanding liability with Patrimonio Autónomo Receptor de Activos de la Empresa Nacional de Telecomunicaciones en Liquidación y Las Empresas Teleasociadas en Liquidación, or PARAPAT, and paying the arbitral award issued against the company in recent weeks.

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Shareholders approved capitalization of Colombia Telecomunicaciones

August 29, 2017



• The transaction, of COP6.45 billion, is to be assumed by Telefónica S.A. and the Republic of Colombia - Ministry of Finance (MHCP)


• Colombia Telecomunicaciones strengthens its financial position

Bogotá, august 29, 2017.
At the Shareholders Meeting of Colombia Telecomunicaciones was approved the capitalization of the company of COP6,45 billion, with the aim of settling the outstanding liability with Patrimonio Autónomo Receptor de Activos de la Empresa Nacional de Telecomunicaciones en Liquidación y Las Empresas Teleasociadas en Liquidación, or PARAPAT, and paying the arbitral award issued against the company in recent weeks.

The capitalization is intended for fully prepaid the Parapat liability, which amounts to COP4,8 billion, plus COP1,65 billion to pay the judgment in connection to the court of arbitration requested by the Ministry of Information, Technologies and Communications, or MINTIC, related to the “reversion of assets” provision that required the company to return to the Colombian government, the assets directly related to the concession agreement (1994-2013), upon expiration of the concession.

Consequently, Telefónica S.A., 67.5 percentage of ownership, will provide resources in cash of COP4.35 billion, and the Republic of Colombia- Ministry of Finance (MHCP), 32.5 percentage of ownership will assume COP2.1 billion without disbursing funds.

The decision of the shareholders strengthens the capital structure, cure the dissolution event and improves the financial position of the company for the benefit of its clients and employees.

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