Bloomberg News

TNM Abandons Talks on Stake Sale as It Fails to Agree Price

December 12, 2011

(Updates with comment from Vodacom in fifth paragraph.)

Dec. 12 (Bloomberg) -- Telekom Networks Malawi Ltd., the country’s second-largest mobile-phone operator, said it ended discussions about selling a stake to an unidentified investor after failing to agree on the price.

Talks were abandoned after “unacceptable indicative offer terms” from the interested party, TNM said in an e-mailed statement today. TNM said on Sept. 16 that a potential strategic partner had contacted it with a view to investing in the group.

Vodacom Group Ltd., the largest provider of mobile-phone services to South Africans, started talks with TNM about buying a stake in the company, the Blantyre-based Daily Times reported on Sept. 19, citing people it didn’t identify.

Vodacom spokesman Richard Boorman declined to comment when contacted by mobile-phone today. TNM Chairman Mathews Chikaonda didn’t answer his mobile or office phones when Bloomberg News called seeking comment.

--With assistance from Sikonathi Mantshantsha in Johannesburg. Editors: Alastair Reed, Ana Monteiro.

To contact the reporter on this story: Frank Jomo in Blantyre at fjomo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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