Portugal Telecom to Sell More of Africa Holding; To Keep Majority Stake

Mergers, Acquisitions and Financial Results

Portugal Telecom plans to sell a further stake in its Africa Holding, but wants to keep a controlling position, deputy Chief Operating Officer Zeinal Bava said Wednesday on the company's earnings conference call. Bava, who becomes the new CEO in 2008, didn't elaborate on the timing of such a sale.

PT already sold 22% of its Africa Holding to African equity fund Helios Investment Partners LLP for EUR125 million in August.

PT, which is already active in Angola, Namibia, Cape Verde, and Sao Tome, is seeking to enter markets such as South Africa, Nigeria, Congo, Tanzania and Kenya.

In an interview with Dow Jones Newswires in September, the director for international investments Jose Pedro Baptista said Africa is PT's second main expansion target after Brazil.

Dow Jones Newswires