Namibia: Telecom Waiting for Vodacom, Neotel Deal Talks to Conclude
Telecom Namibia, which is a shareholder in the South African communication firm Neotel with a 12,5% stake, says it is currently waiting for the outcome of talks between Neotel and Vodacom, in which Vodacom is seeking a 100% takeover of Neotel.
Surprisingly, Namibia Telecom has not sold its stake in Neotel as yet, despite an announcement made in July 2011 that it was going to sell stakes in Neotel and Mundo Startel in order to concentrate on the local market.
Telecom spokesperson Oiva Angula said in an interview that Telecom was waiting for the Neotel/Vodacom talks to conclude before knowing what will happen to its stake in Neotel. He said since Telecom was a minority shareholder, if the majority shareholders sell their shares, Telecom would also do so.
"We are waiting for the outcome of the negotiations before knowing what will happen to our stake," Angula said.