Telefónica Celular de Bolivia S.A. (Telecel S.A.)

What it is

Telecel, trading as Tigo, is Bolivia’s second-largest mobile operator, offering voice, mobile and fixed-line internet, pay-TV, and corporate data services. It began operating in November 1990 in Santa Cruz de la Sierra, making it the country’s first mobile operator, originally under the brand Celucash.

Branded services today include Tigo Money (mobile payments), Tigo Star (satellite TV), Tigo Sports, Tigo Business, and Tigo Smart. Internet revenues now account for 45.8% of the total, while traditional voice calls have fallen to 28.7%, reflecting how the business has shifted toward higher-value data services.

Who owns it

Millicom, the Luxembourg-based regional telecoms group, provides mobile and fixed services in Bolivia through Telecel — and owns 100% of the company. Inside Millicom, the shareholding is split between Millicom International IV NV (Curaçao, 50.99%) and Millicom International Enterprises AB (Sweden, 49.01%), with a residual fraction held by Shai Holdings S.A. of Luxembourg.

In 2024, French investment group Atlas Investissement S.A.S. acquired approximately 11% of Millicom’s assets across Bolivia, Colombia, and Costa Rica in a transaction valued at roughly $496M — a deal that was not reported to Bolivia’s own securities regulator.

Although Telecel carries no public equity, it has raised BOB 4,703 (US$477)M (about $675M at the official rate in force at the time) through six bond programmes on the Bolivian market since 2012.

Who runs it

The local general manager is José Roberto Andino Pinto (Gerente General), with Yuri Joel Morales Peñaranda serving as Director of Corporate Business. The BBV company card as of late 2025 lists the Gerente General role as acting (a.i.), reflecting a recent leadership transition flagged in ASFI’s material-events register.

At the group level, Marcelo Benitez — who began his career with Millicom in Paraguay in 1997 — became CEO of Millicom International Cellular on 1 June 2024. Maxime Lombardini serves as Chairman of the Board.

The money, in plain words

Telecel brought in $617M in sales in 2024 — about the same as the year before ($612M), a revenue growth rate of roughly 0.8% (our calculation). Operating profit rose more sharply, to $159M from $124M a year earlier, and net profit for the year reached $80M, up from $63M in 2023.

That means the company keeps about 13 cents of net profit from every dollar of sales — a net margin of 13.0% (our calculation), solid for an emerging-market telecoms operator.

The business sent $66M in dividends back to Millicom in 2024 — more than its $54M share of net profit — funded in part by $183M of cash generated from operations. Telecel’s net equity (the owners’ stake on paper) stood at roughly $310M in 2024, and it posted net profit of $17.1M under Bolivian local accounting standards — a narrower figure than the group number, reflecting differences in local vs. IFRS accounting.

Outstanding bonds on the Bolivian market total BOB 600.7 (US$61)M (~$61M at current rates), rated AA2/stable by both local agencies.

What it is doing now

Through 2024 Telecel used its strong operating cash flow to repay debt ahead of schedule, clearing two local bank loans totalling BOB 40 (US$4)M (~$4M), a BOB 136 (US$14)M (~$14M) bank facility in March, and redeeming two bond series — the 2024 BOB 3.95 (US$0.40)% Notes and the 2024 BOB 4.7 (US$0.48)%/4.6% Notes — totalling around $39M. Its most recent regulatory filing, dated 18 June 2025, authorises its legal representatives to sign a negotiation letter with Huawei, though the scope of that agreement has not been disclosed.

The company continues to diversify beyond mobile voice into subscription TV, fixed home internet, and corporate data — a strategy designed to protect margins in a fiercely competitive, regulated market. One active bond series (Telecel VI) matures in July 2028, and a Huawei technology deal in negotiation suggests continued network investment ahead.

What to watch

• Currency risk. Bolivia’s currency dynamics are an explicit headwind cited by Millicom management in its 2025 cash-flow targets. The boliviano has been under pressure; any formal devaluation would reduce the dollar value of Telecel’s earnings.
• Bond refinancing. Telecel VI (BOB 257.7 (US$26)M, ~$26M) matures July 2028. New issuance will test whether Bolivian institutional investors — primarily the state pension manager — continue to fund the company at current rates.
• Leadership. ASFI’s material-events register shows a “nomination of a new General Manager” as Telecel’s most recent disclosed event. A settled leadership team will matter as the company negotiates its Huawei network deal.
• Atlas stake. The $496M Atlas Investissement transaction touching Bolivian assets was not reported to local regulators. Any regulatory scrutiny of that deal could affect Millicom’s governance obligations inside Bolivia.

This is news, not investment advice.