TELEKOM MALAYSIA SELLS OFF ITS MALAWIAN MOBILE STAKE

Mergers, Acquisitions and Financial Results

State-controlled Telekom Malaysia Bhd. said it is selling its 60 percent stake in Telekom Networks Malawi to Econet Wireless Global, a global telecommunications company, for US$24.5 million (euro20.1 million).

Telekom Network Malawi was established in 1996 and operates a GSM, or global system for mobile communications, service in the African nation. The remaining 40 percent of its shares is owned by government-backed Malawi Telecommunications Ltd.

"TNM has over 136,000 active cellular subscribers and continues to enjoy robust growth," Telekom Malaysia Chief Executive Yusof Annuar Yaacob said in a statement late Friday.

Business Week