Logo of Phnom Penh Post newspaper Phnom Penh Post - French Mobitel talks 'less advanced'

French Mobitel talks 'less advanced'

French Mobitel talks 'less advanced'

FRANCE Telecom SA’s talks on acquisitions in Iraq and Cambodia are progressing, and the company may enter Algeria as it expands further into emerging markets, Chief Executive Officer Stephane Richard said.

Talks on a possible deal for a stake in Cambodia’s Mobitel are “less advanced” than those on buying part of Iraq’s Korek Telecom, Richard told reporters in Paris yesterday.

The CEO, who took over last March, is looking to orient France Telecom toward fast-growing countries in Africa, the Middle East and Southeast Asia to offset stagnant revenue at home. He has pledged to spend as much as 7 billion euros (US$9.2 billion) on emerging-market deals by 2015 as part of a plan to double revenue from those countries.

France’s largest phone company is monitoring developments in Algeria, where it could seek a presence either through existing operator Djezzy or other means, Richard said.

France Telecom shares yesterday rose 0.2 percent to 15.98 euros in Paris, valuing the company at about 42.3 billion euros.

In Iraq, France Telecom may take a minority stake in Korek along with “a financial partner” also active in logistics, and with whom the Paris-based company has already cooperated elsewhere, the executive said. He declined to identify the investor.

France Telecom has invested in Kenya with Alcazar Capital Ltd, a Dubai-based private equity firm spun off from Agility Logistics in 2009.

In 2007, Alcazar provided Korek with a $250- million convertible loan. Entering Iraq would expand France Telecom’s influence into the heart of the Middle East, adding to expansion last year into Morocco and Tunisia. 

Royal Group Chairman Kith Meng did not discuss the state of Mobitel negotiations when contacted by reporters yesterday.  BLOOMBERG/ADDITIONAL REPORTING JEREMY MULLINS

MOST VIEWED

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • Police arrest 29 Chinese for kidnapping in capital

    Phnom Penh Military Police arrested 29 Chinese nationals on kidnapping charges on Wednesday. The suspects are said to have abducted three other Chinese nationals from a hotel in Chaktomuk commune, Daun Penh district. The operation took place on Wednesday and was led by two deputy commanders –

  • Bill covering dress code draws ire

    Ministry of Interior secretary of state Ouk Kim Lek responded on Tuesday to criticism concerning a draft law that would ban women from wearing overly revealing clothing, saying that input from all parties will be considered as the law moves through the promulgation process. Several

  • What’s the deal with Cambodia and China’s FTA?

    Cambodia’s Free Trade Agreement (FTA) with China kicks off a series of FTAs in future but for now, critics wonder what else the parties could bring to the table apart from what it already has to date By the end of this year, Cambodia