Telekom Malaysia Sells Its 60% Stake in Guinea's Sotelgui
Telekom Malaysia Bhd., Malaysia's second-biggest mobile-phone operator, sold its 60 percent stake in Societe des Telecommunications de Guinee, known as Sotelgui, to the Guinean government.
The sale follows a visit by Guinea's Communication Minister Tibou Kamara, Finance Minister Ousmane Dore and Sotelgui officials to Kuala Lumpur, the west African nation's government said in a statement read on national television yesterday. The state now controls 100 percent of Sotelgui and plans to seek new private investors for the company, it said.
Sotelgui competes with companies including Areba, a unit of MTN Group Ltd. and France Telecom SA's Orange mobile-phone subsidiary. The Conakry-based company has 25,000 fixed-line subscribers and about 1 million mobile-phone customers.