Business

Telekom Malaysia sells Malawi stake for US$24.5mn

Telekom Malaysia Bhd. (4863.KU) has recently sold its entire stake in Telekom Networks Malawi for $24.5 million, a decade after entering the African market.

The Malaysian company sold its 60% stake in the phone company to Econet Wireless Global (ECONET.ZB), which operates in the region as well as in the U.K and New Zealand. Telekom Networks Malawi was a joint venture between the Malaysian company and Telekom Networks Malawi Ltd. and has a GSM service license valid till 2014. Telekom Malaysia now owns phone companies in Sri Lanka, Bangladesh, Pakistan, Indonesia, Singapore, Thailand and Cambodia.

Dow Jones

 

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