TeliaSonera makes further restructuring in Business Area Eurasia
TeliaSonera has sold its 18.6 percent stake in Smart Mobile, Cambodia, and has entered into an agreement in order to further increase its ownership in Ncell, Nepal.
The transaction underlines TeliaSonera’s strategy to be a strong majority owner in core holdings such as Ncell, and divest non-core minority interests such as Smart Mobile in Cambodia.
TeliaSonera made the initial investment in Nepal and Cambodia in September 2008. In 2010, TeliaSonera increased its ownership in Ncell to the present indirect ownership level of 60.4 percent. At the same time, TeliaSonera participated in an in-market consolidation in the Cambodian market which reduced its ownership in Smart Mobile to 18.6 percent.
“Ncell has become the number one mobile operator in Nepal, and today’s agreement gives us the possibility to further increase our ownership in this highly successful operation when local regulations allow for increased foreign ownership in Nepal. Our interest in Smart Mobile in the Cambodian market has for some time been considered non-core for TeliaSonera, and therefore we have decided to divest our interest in the company.” says Tero Kivisaari, President, Business Area Eurasia.
The parties have agreed not to disclose financial details of the agreement, but the transactions will have no effect on TeliaSonera’s profit and loss statement. If and 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.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 10.00 a.m. CET on April 5 2012.
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Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.