Royal Group to acquire MIC’s Cambodian operations

www.WirelessFederaion.com/news:  Millicom International Cellular (MIC) has inked an agreement with the Royal Group of Cambodia for the sale of its Cambodian operations, worth  USD346 million in cash. The Royal Group will acquire MIC’s 58.4% stake in CamGSM, which provides mobile services in the country under the Mobitel banner, as well as its holdings in Royal Telecam International and Cambodia Broadcasting Services. If the regulator gives consent over it, the sale is expected to be completed by the end of 2009 and would bring the Royal Group’s shareholding in Mobitel to 100%.

Mikael Grahne, President and CEO of MIC, said, ‘We are delighted to reach agreement on the sale of our Cambodian operations to our local partner, the Royal Group. 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.’