The recent sale of Telefonica's assets in Central America will give a boost to the Spanish company's business in the region, allowing it to provide that market a more local vision, CEO Cesar Alierta said here.
In a speech to executives and business leaders, he briefly referred to April's deal for the sale of 40 percent of the Spanish multinational's assets in Guatemala, El Salvador, Nicaragua and Panama to Guatemalan firm Corporacion Multi Inversiones for $500 million.
"There will be no changes with the sale," Alierta said in response to a question from the audience. "It will give a boost to the Central American market because it will provide a local vision."
Telefonica said in April that it would maintain control of its Central American operations, which would be merged into a joint venture with CMI.
Alierta made his remarks Tuesday at a dinner organized by Panamanian business organization APEDE.
In his speech, he said it was clear that telecommunications development in Latin America should be focused on mobile data systems and on boosting broadband capacity.
Telefonica is Latin America's seventh-largest company by revenue, having added 170 million users and tripled revenues since 2002, according to figures Alierta provided to the Panamanian executives.
"We feel like Latin Americans," the CEO said. EFE