TeliaSonera has exited Cambodian Smart Mobile while taking steps to boost its investments in Nepal.
The move, which is in line with TeliaSonera’s strategy to strengthen investments in core holdings and divest non-core minority interests, sees the…
TeliaSonera has exited Cambodian Smart Mobile while taking steps to boost its investments in Nepal.
The move, which is in line with TeliaSonera’s strategy to strengthen investments in core holdings and divest non-core minority interests, sees the Stockholm listed telco selling its 18.6% stake in Smart Mobile, while entering into an agreement in order to further increase its ownership in Nepalese Ncell to above 70%.
TeliaSonera made the initial investment in Nepal and Cambodia in September 2008. The company increased its stake in Ncell to the present indirect ownership level of 60.4 percent in 2010.
Financial details of the transaction were not disclosed, but TeliaSonera said the deal will not affect its profit and loss statement.
When the agreement regarding the increase of ownership is finally consummated, TeliaSonera will increase its ownership in Ncell by 12.43 percent for today’s market value, according to a company statement.
According to TeliaSonera’s 2011 annual report, Ncell is the market leader in Nepal with 6.8 million subscribers
