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.

MOST VIEWED

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said

  • Protests planned in New York as Hun Sen to attend the UN

    Prime Minister Hun Sen will speak at the United Nations General Assembly in New York this week. But US-based supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) plan to throw eggs at his car as part of a series of protests to coincide

  • CPP: ‘Behave or Sokha suffers’

    The ruling Cambodian People’s Party (CPP) spokesman warned Kem Monovithya on Thursday that her attempt to damage “national reputation and prestige” would lead to her father, Kem Sokha, receiving even harsher punishment. Sok Eysan issued the warning as Monovithya, who is the court dissolved

  • News Analysis: Defiance can last for how long?

    The Cambodian government has so far stood strong in the face of mounting international pressure over its treatment of critics, but analysts, diplomats and ruling party officials now wonder how long the defiance can last. The European Union has led the firestorm of criticism, threatening