Telekom Networks Malawi (TNM) said it has ended talks with an unidentified potential investor as a result of “unacceptable” changes to the original expression of interest.
In a statement to shareholders, TNM chairman Mathews Chikaonda said the…
Telekom Networks Malawi (TNM) said it has ended talks with an unidentified potential investor as a result of “unacceptable” changes to the original expression of interest.
In a statement to shareholders, TNM chairman Mathews Chikaonda said the interested party – widely speculated to be South Africa’s Vodacom Group – proposed “substantive amendments” to its indicative offer terms.
“TNM considers these amendments to be unacceptable and has therefore terminated discussions with the party concerned,” Chikaonda said.
Malawi’s Nyasa Times reported that Chikaonda is searching for a strategic partner to help TNM, the country’s second-largest mobile phone operator, expand into the regional market. According to the newspaper, this is the second time negotiations with a potential investor have broken down.
In September, the Malawi-based Daily Times reported that Vodacom Group, the largest provider of mobile services to South Africans, had approached TNM about acquiring a stake in the company.
Vodacom was not immediately available for comment.
