Telefonica: Will Increase '09 Investment In Ecuador By 30%
August 25 2009 - 6:59PM
Dow Jones News
Telefonica Movistar del Ecuador, a unit of Spain's Telefonica SA
(TEF), will increase by 30% its planned investment for 2009, Alex
Gerke, Telefonica's manager of marketing, said Tuesday.
In March, Telefonica had said it would invest around $100
million in Ecuador this year.
The company didn't release figures on its investment in Ecuador
for last year.
Last November, Telefonica signed a new 15-year contract with the
Ecuadorian government to offer mobile phone services in the
country. Telefonica will pay around $206 million for the 15-year
concession.
The company plans to invest around $400 million in the coming
years to improve its networks and services such as 3G, or third
generation, services.
According to official data, Ecuador reached 12.2 million mobile
telephony subscribers at the end of June.
Porta Celular, a unit of Mexico's America Movil SAB (AMX), leads
the market, with 8.66 million subscribers, followed by Movistar del
Ecuador with 3.25 million and locally owned Alegro PCS with
312,381.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com