Telecom NZ sells US$17.6 mln stake in Telecom Samoa Cellular to EU firm

September 27th, 2006 - Posted in Other

Telecom New Zealand has netted a NZD$20 million(US$13 million) profit from its sale of a 90 per cent stake in Telecom Samoa Cellular to European firm Digicel.

It sold its share for NZD$26.6 million (US$17.6 million), 340 per cent above its book value of about NZD$6 million.

Telecom International general manager Anthony Briscoe said Telecom was pleased with the sale which had come about after Digicel had approached Telecom. The Samoan Government will retain its 10 per cent stake in the company.

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