KINSHASA: The Democratic Republic of Congo has agreed to sell its 49 percent stake in CCT, the country's fourth largest mobile phone operator, to France Telecom, the government said late on Friday.
"With this transaction the public treasury is reaping $64 million, there will also be more than $10 million in the form of taxes and other payments," Jacques Baikpon, chief of staff at the country's telecoms ministry told Reuters by telephone.
France Telecom is already in exclusive negotiations with Chinese firm ZTE to buy their 51 percent stake in CCT, which has 1.5 million subscribers.
Last month France Telecom described CCT as "extremely indebted," adding that any deal would include restructuring the company's liabilities. The purchase is part of a broader plan to seek growth in emerging markets, the company said.
France Telecom is pursuing growth in emerging markets to offset intensifying competition at home, with Chief Executive Stephane Richard aiming to double revenue in emerging markets to 7 billion euros by 2015, largely through acquisitions.
Congo, a country of some 65 million people, had a mobile phone penetration rate of about 17 percent in 2010, according to the International Telecomunication Union.
India's Bharti Airtel and a joint venture between South Africa's Vodacom and a local company are currently the country's leading mobile phone providers.
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