Logo of Phnom Penh Post newspaper Phnom Penh Post - End near in Royal deal for Mobitel

End near in Royal deal for Mobitel

End near in Royal deal for Mobitel

CAMBODIA’S Royal Group expects to finalise the purchase of mobile operator Mobitel within weeks, Chief Financial Office Mark Hanna said Wednesday.

His comments came after Millicom International Cellular said it expected to finalise the disposal of its two remaining Asian assets, which include a 58 percent stake in Mobitel, in the next few months. The company agreed to sell its Sri Lankan, Cambodian and Laotian units to concentrate on Latin America and Africa.

“We closed the Sri Lankan deal soon after signing and anticipate closing the other deals, subject to certain conditions, in the next few months,” Millicom Chief Financial Officer Francois-Xavier Roger said in a webcast announcing a 12 percent fall in third-quarter net income to $143 million.

But Hanna said the deal would be completed on a tighter timescale. “We expect it to be finalised in the coming weeks,” he said.

Details over how The Royal Group would finance the $346 million purchase have been a closely guarded secret since the sale was announced in August.

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