Korea Telecom Confirms Interest in Buying Stake in Tunisian Operator
Published on: 17th Sep 2013
Note -- this news article is more than a year old.
South Korea based Korea Telecom (KT) has confirmed that it is considering bidding for a stake in a North African mobile network operator.
In a stock market filing, KT Corp said that it is reviewing a possible purchase of a stake in Tunisia based Tunisie Telecom.
A 35% stake in the state-controlled company is being sold by its Dubai owners, who look likely to book a significant loss on the investment. They paid USD2.25 billion for the stake in 2006, but it is now estimated to be worth around USD650 million.
"The talks are still in the early stage and nothing has been decided yet," it said, adding that it is also seeking to expand its presence in other African countries.
The company recently dropped out of bidding for a controlling stake in the Morocco based Maroc Telecom.
The Tunisian government has previously said that it would like to see the company listed on the local stock market, although those plans were put on hold by the ousting of the previous President by a popular uprising.