Breaking News: Tata Communications renegotiating Neotel sell-off
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23-11-2015, 08:45 PM
Post: #1
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Tata Communications renegotiating Neotel sell-off
Tata Communications, the long distance telephony company, said that shareholders of its majority-owned South African telecom firm Neotel are in discussion with Vodafone South Africa over a revised transaction structure for the sale of its subsidiary.
The deal was signed in May last year where Vodafone's South African subsidiary Vodacom had agreed to buy Neotel for 7 billion rand. Advertisement In dollar terms, the value of transaction at that time was around $676 million, which has come down to $498 million due to depreciation in value of local currency. "Neotel's shareholders are now in discussions with Vodacom South Africa regarding a revised transaction structure," Tata Communications said in a regulatory filing. Tata Communications owns over 68% stake in South Africa's largest fixed line telephone service provider Neotel. "The outcome of these discussions will directly impact the extent of the approval being sought from the Competition Tribunal and the scope of the hearing. Accordingly, Neotel and Vodacom South Africa have requested that the hearing be postponed," Tata Communications said. The details applicable to the postponement are to be determined at a Competition Tribunal hearing in Johannesburg today, it added. Shares of Tata Communications was down by 0.1% at Rs 434.2 apiece on Bombay Stock Exchange on Monday. Guests cannot see images and links in the messages. Please register to forum by clicking Register Here to see images. |
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23-11-2015, 09:18 PM
Post: #2
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RE: Tata Communications renegotiating Neotel sell-off
Its not for India
MD SarfaRaZ |
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