Chile telecoms firm Entel lifts 2024 investments to $618 million

By Thomson Reuters Apr 23, 2024 | 10:37 AM

SANTIAGO (Reuters) – Chilean telecommunications firm Entel plans to invest $618 million this year, the company said on Tuesday, slightly above its 2023 spending.

The funds will go primarily toward Entel’s mobile and home divisions, the firm in a statement.

The majority of the funds – $451 million – are earmarked for Chile, while another $167 million will go to Entel’s Peruvian unit, the company added.

In Chile, “there is a slight dip” in planned investments “if only mobile and business spending is taken into account,” CEO Antonio Buchi said in the statement.

“This industry is facing a complex scenario, and just maintaining investments is a challenge,” he added.

In Peru, Entel is already the No. 2 mobile operator, and plans to top 30% market share in the next three or four years, Buchi said.

(Reporting by Fabian Cambero; Writing by Kylie Madry)