Logo of Phnom Penh Post newspaper Phnom Penh Post - Millicom seals sale of Cambodia operations

Millicom seals sale of Cambodia operations

Millicom seals sale of Cambodia operations

TELECOM operator Millicom International Cellular SA announced Tuesday the sale of its Cambodia operations for US$346 million in cash to its in-country partner, Royal Group.

The transaction, which is expected to be completed in late 2009, is comprised of Millicom's 58.4-percent holdings in CamGSM, Royal Telecom International and Cambodia Broadcasting Services, a company statement said.

"We are delighted to reach agreement on the sale of our Cambodian operations to our local partner, the Royal Group," Millicom President and CEO Mikael Grahne said in the statement.

"We are very proud of having played an important role in the development of the leading mobile operator in Cambodia and are very confident of the continued success of Mobitel and its people within the Royal Group," he added.

In the statement, Royal Group Chairman Kith Meng thanked Millicom as "a great partner over the past 14 years in Cambodia".
"Royal Group is acquiring a sound business with significant opportunities before it."

MOST VIEWED

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • Chinese living in Kingdom more than doubles since ’17

    The number of Chinese nationals living in Cambodia this year has increased to more than 210,000. The figure rose from last year’s 100,000, the newly appointed Secretary of State Sok Phal confirmed yesterday. He said: “Of the 210,000, more than 78,000 are living in Preah Sihanouk [province], but