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)
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