Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

TeliaSonera Plans to Raise Nepal Unit Stake as It Exits Cambodia

April 5 (Bloomberg) -- TeliaSonera AB, the Nordic region’s second-largest phone company, exited Cambodia and agreed to raise its stake in a unit in Nepal, part of a plan to focus on emerging markets where it’s one of the market leaders.

TeliaSonera sold its 18.6 percent stake in Cambodia’s Smart Mobile to Latelz Co. Ltd., spokeswoman Cecilia Edstroem said by phone. The company will acquire an additional 12.4 percent stake in its Nepalese Ncell unit if a law is changed to permit higher foreign ownership, she also said.

“Cambodia is a highly competitive market and as our strategy is to become number one or two in each market, we decided in 2010 we would reduce our ownership,” Edstroem said.

TeliaSonera bought stakes in wireless companies in Cambodia and Nepal from Kazakhstan-based Visor Group for $484 million in 2008. The Swedish company sought wireless growth in emerging markets to counter slowing growth at home. It paid $160 million for an additional stake in 2010, at the same time selling part of the Cambodian holding to Latelz and acquiring the right to increase its holding in Nepal to 72.9 percent.

TeliaSonera currently owns 60.4 percent of Ncell in Nepal, it said in a statement.

To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.