Digicel sells its 75pc interest in Myanmar telecoms infrastructure company
Digicel has sold its 75pc interest in a telecoms infrastructure company in Myanmar.
Irish owned Digicel will see a $60m (€53m) gain on the sale, according to papers filed with the US stock markets regulator.
The business is currently in the process of raising an expected $1.8bn to $2bn through a share listing on the New York Stock Exchange.
In a statement, Digicel said it had entered into a share purchase agreement with respect to the sale of its 75pc stake in Digicel Asian Holdings Pte Ltd., the parent of Digicel Myanmar Tower Company Limited (MTC), to the Edotco Group Sdn Bhd.
The transaction, which is expected to close at the end of November, values the Digicel Myanmar Tower Company at $221m (€195m). According to a filing with US regulators, the net proceeds to Digicel total $120m representing a gain to Digicel of $60m.
Commenting on the transaction, Digicel Group CEO Colm Delves, said: “The sale represents a strong return on our investment in Digicel Myanmar Tower Company and I would like to thank all the staff at MTC for their significant efforts over the past two years in making the company such a success.”
Digicel is controlled by businessman Denis O’Brien, who is a shareholder in Independent News & Media, the parent of Independent.ie