Member log in

Telecom mulls sale of stake in Cook Islands joint venture

Telecom Corp [NZX: TEL] is considering selling its 60 percent stake in its Telecom Cook Islands joint venture.

No decision has been made yet on whether to proceed, Auckland-based Telecom said in a statement.

Telecom has operated the joint venture with the Cook Islands government since July 1991 and paid $3 million to increase its stake from 40 percent in July 1997. The Cook Islands venture is the largest provider of fixed-line phone, mobile and broadband services in the country.

The company this month sold its AAPT unit in Australia to ASX-listed TPG Telecom for A$450 million.

The shares climbed 2.6 percent to $2.35 yesterday, and have eked out a 3.3 percent lift this year.

(BusinessDesk)

Comments and questions
1

Seems the same people are unbolting and selling anything they can get loose again ..... quick short term money for shareholders .. pity building better or bigger is not something these guys can do .... in the end there will be nothing left to sell and the business will be a shell of the original .....some of the deals Telecom has botched in last few years is astounding, hence the yearly restructures and bad management of such continuing .... a sad loss for NZ from what the company originally was.