Tags:SingTel | ARM

Singapore Telecommunications (SingTel) is reported to be interested in bidding for a majority stake in the the state-owned Ghana Telecom. The tender for the landline and mobile operator is expected to cost around US$500 million.

In a statement, Ghana Telecom confirmed that potential investors are in the country undertaking due diligence on the company - and refused to comment any further.

Banking sources told the Reuters news agency that SingTel would be competing for the stake with French telecom giant France Telecom and Portugal Telecom.

"We do not comment on market rumours," said a SingTel spokesperson.

According to the Mobile World, Ghana Telecom''s mobile arm - OneTouch is the 3rd smallest of the four mobile operators in the country, with a market share of just under 20%.

Well endowed with natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Even so, Ghana remains heavily dependent on international financial and technical assistance. Gold, timber, cocoa, diamond, and manganese exports are major sources of foreign exchange. It has recently come to pass that a huge oilfield worth up to 1.3 billion barrels of light oil has been discovered.


Source: cellular-news