MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
Guine Telecom to receive USD50m in Chinese investment
China is to invest USD50 million to develop telecommunications facilities in Guinea Bissau’s national PTO Guine Telecom under the terms of a bilateral agreement between the two countries.
Guine Telecom is technically 49%-owned by Portugal Telecom, but the Portuguese firm recently relinquished its management control due to a EUR30 million (USD67 million) debt owed by the Guinean government.
The deal with China includes the installation of a fibre-optic network to span the entire country, from the border with Senegal in the north to Guinea in the south.