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KT Exiting Investment in Mongolia www.communicationstoday.co.in
South Korea’s KT has arranged to exit its longstanding investment in majority state owned operator Mongolia Telecom Company.
KT has offered to sell its 40 percent stake in Mongolia Telecom Company to the government of Mongolia for USD 2.5 million, Montsame News Agency reported. At a cabinet meeting earlier this week, the transaction was approved.
The transaction will take the Mongolian government’s stake in the operator up to 94.67 percent. The remainder is owned by local and foreign national investors.
Mongolia Telecom Company has a roughly 25 percent share of Mongolia’s landline market and an 11.3 percent share of the broadband market. KT first invested in the company in 1995 for USD 4.5 million, more than the agreed upon sale price. – Telecom Asia
Published Date:2017-07-21
