Financial Times

UAE's Etisalat bids for Sri Lanka’s Tigo

DUBAI, Sept 14 (Reuters) - Emirates Telecommunications Corp (Etisalat) said on Monday it had submitted a binding offer on Sept. 4 to buy a 100 percent share in Millicom, Sri Lanka – known as Tigo.
The statement on Abu Dhabi's bourse website did not give further details and the United Arab Emirates company, which operates in 18 countries, was not immediately available for comment.

“The offer for Millicom's Sri Lankan operations follows Etisalat's failed bid for a stake in Morocco's Meditel and underlines the firm's determination to expand into emerging markets beyond the Gulf Arab region,” an analyst said.

"Etisalat is in Pakistan and Afghanistan and is about to launch in India so this deal would make sense and would be an extension of its footprint, but we need more details on the bid and there are other players involved," said Simon Simonian, Shuaa Capital telecoms analyst.

Simonian said emerging markets such as Sri Lanka offer low penetration and high growth potential, but are more difficult to operate in than developed markets such as Europe. The Abu Dhabi-based telecom firm is 60 % owned by the UAE government, the world's third biggest oil exporter, and the emirate of Abu Dhabi controls 90 % of the country's oil reserves.

Lankan mobile network operator is said to be worth between $150 million and $200 million.

 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Bureaucratic bungling stalls IRD building reconstruction
> Trade union to address EU Parliament Human Rights Council on GSP+
> Gotabhaya: Sri Lanka heads for new economic goals
> Plantations getting back to normal
> Big corporate names in Jaffna as interest grows
> Aitken Spence gung-ho on hotel expansion
> COMMENT - GSP+: Unions enter the picture
> The saga of oil exploration in the Mannar Basin
> ICASL holds 30th National Conference
> Good time for rights issues
> Vasu considers legal action against ICASL Council, Ethics Committee
> People's Bank reduces interest rates
> LSE's buyout of MillenniumIT - a done deal
> Unregulated finance companies crisis forum at ST Business Club
> Sri Lankans' potential yet to be fully tapped
> GSK introduces treatment for breast cancer
> Ceylinco Finance PLC repositioned as ‘Nation Lanka Finance’
> MBAs and their perverse Bonus Schemes?
> Political risk insurance in Sri Lanka
> Day/night car care clinic from AMW
> Tea estate company losses rise due to amendment in accounts
> MTI CxO Survey on Business Technology: Findings out soon
> WSO2 Carbon wins InfoWorld award
> Lanka Princess Hotel wins TUI award
> Unemployment on increasing trend in Sri Lanka
> Lankan manufacturing base to export 4,000 computers monthly to Pakistan
> New IT-BPO workforce survey expected in December
> UAE's Etisalat bids for Sri Lanka’s Tigo
> Footwear and Leather Fair 2009 in November
> Michael Elias back as President of Sri Lanka Germany Business Council
> International University soon under public-private partnership
> Rights based approach for labour migration
> Kelani Cables PLC to centralise operations
> Czech Republic to welcome the Pope
> Sri Lankan $500 mln bond next month
> Details of forcibly acquiring property of F&G revealed in court
> CB wants independent verification on Ceylinco Shriram assets
> Global airline industry forecasts rising losses this year
> Harpo's Pizza completes one year in the Maldives
> Sri Lanka will not submit to an investigation by another country - Minister of International Trade
> Directors of F&G Property Developers (Pvt) Ltd released on bail
> Sinhala fonts not widely available
> CIMA Business Leaders Summit: The challenge – ‘Now and Ahead’
> Wage pressures could spur inflation -CB Asst. Governor
> TIENS says it’s not a pyramid scheme, operates within the law
> Biggest economies adjusting investment policies to attract investments
> New President at Sri Lanka – Italy Biz Council
> Seven -judge bench hears PBJ case
> AGM of the Sri Lanka – Australia – New Zealand Business Council
> SriLankan Catering posts Rs. 1.2 billion net profit

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution