Telekom to sell six% stake in Celcom

Telekom to sell six% stake in Celcom

BONN: German telecommunications giant Deutsche Telekom said on
Friday it would sell its six percent stake in Malaysian operator
Celcom to Telekom Malaysia.

Deutsche Telekom said the US$115 million it expects to earn
from the sale would be used to reduce its debt, expected to hit
50 billion euros between now and the end of the year.

Telekom Malaysia, which already owns 31 percent of Celcom, had
launched an offer to acquire the remainder of the company, which
is expected to be completed later this month.

Over the next 18 months Telekom Malaysia wants to merge Celcom
with its mobile phone subsidiary TM Cellular. -- AFP