Luxembourg-based telecoms group Millicom International Cellular (MIC) has announced it has signed an agreement with the Royal Group of Cambodia for the sale of its Cambodian operations. For USD346 million in cash, the Royal Group will acquire MIC’s 58.4% stake in CamGSM, which provides mobile services in the country under the Mobitel banner, as well as its holdings in Royal Telecam International and Cambodia Broadcasting Services. If approved by the regulator, the sale is likely to be completed by the end of 2009 and would bring the Royal Group’s shareholding in Mobitel to 100%. Mikael Grahne, president and CEO of MIC, commented: ‘We are delighted to reach agreement on the sale of our Cambodian operations to our local partner, the Royal Group. We are very proud of having played an important role in the development of the leading mobile operator in Cambodia and are very confident of the continued success of Mobitel and its people within the Royal Group.’
Only a few days earlier, Japanese mobile operator NTT DoCoMo expressed an interest in buying MIC’s stake in Mobitel. According to TeleGeography’s GlobalComms database, Mobitel was the country’s largest cellco by subscribers at 31 March 2009, with a mobile customer base of 2.17 million, representing 46.4% market share.
Millicom to sell Cambodian operations for $346 mln
LONDON (MarketWatch) -- Millicom International Cellular said Tuesday that it has agreed to sell its Cambodian operations to The Royal Group, its partner in Cambodia, for $346 million in cash. The deal comprises Millicom's 58.4% holdings in CamGSM, Royal Telecam International and Cambodia Broadcasting Services. Completion if the deal is expected to take place before the end of 2009.