While Telefonica had planned to sell assets to reduce its debts, it postponed its issuance of IPO because of the uncertainties taking place in the emerging stock markets.

A share sale being contemplated for this year would be postponed to at least next year. Telefonica is currently evaluating other options to raise funds. In addition, Telefonica is also waiting on how the presidential elections in Colombia would turn out. The results of this elections can shape the 30% of holdings that the government has on the Colombian division.

Earlier this year, Telefonica had approached Colombia as it stopped all IPO plans on all of its Latin American assets. Telefonica surmised that it can raise at least 650 million dollars by selling 19% of the Colombian division to retain more control.

However, the Colombian government is unwilling to reduce its stake.