PHONE | The government is considering bringing in a second adviser to Telefonica representing SEPI.

The government is considering appointing a second director of Telefonica, representing the State Society for Industrial Participation (SEPI), when it reaches 10% of its capital. which has been set as a target that cannot be exceeded, as announced this Friday by the Minister of Digital Transformation and Public Service José Luis Escriva. “We will see this over time,” an executive commented to the media at a Kit Consulting presentation in response to a request for a new seat on the company’s board of directors, chaired by Jose Maria Alvarez-Pallet.

Until now, The state’s involvement led to the appointment last week of Carlos Ocaña Orbis as an adviser representing SEPI, replacing Carmen García de Andrés., until then an independent director of the listed company. “The government has given instructions to SEPI on how far it wants to take Telefonica,” Escrivá said when asked about the possibility of increasing its stake in the telecom company beyond the 10% target.

Expenses more than 2000 million.

Currently in SEPI To acquire 10% of the noted company, 0.926% of the shares remained. as the goal of the government of Pedro Sanchez after the entry of the Saudi company STC into the market.

Since the start of the purchase of Telefónica shares, SEPI has spent almost 2.060 million euros on a package of 512 million shares. Taking into account Telefónica’s price of 4.12 euros per share, the company’s public shareholding has a market value of approximately 2,109 million euros.which is almost 49 million euros more than what has been paid so far.