Orange, CP sign US$100m deal

Orange, CP sign US$100m deal

BANGKOK (AFP): British mobile phone operator Orange Plc. on Thursday signed a joint venture agreement with Thai conglomerate Charoen Pokphand Group (CP) in a deal reportedly worth about US$100 million.

Charoen Pokphand senior executive vice president Veeravat Kanchanadul told AFX-Asia, an AFP financial news subsidiary, that Orange would take a 34 percent stake in the joint venture, to be called Bangkok Inter Teletech Co. (BITCO).

CP Group would hold 51 percent of BITCO, Orange 34 percent and the remaining 15 percent would be held by other investors, he said.

Veeravat did not reveal how much Orange paid for the 34 percent stake but said CP sold the stake at a premium to BITCO's par value of 10 baht (23 US cents) a share.

The Nation daily Thursday reported the deal was worth about $100 million and cited a CP source as saying Orange would later boost its stake.