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Shareholders must be given a vote on MagtiCom sale

1 Dec 2006

American holding company Metromedia International Group (MIG) has been ordered by a US judge that it must consult all its shareholders on the sale of its main asset, a 50.1% stake in Georgian cellco MagtiCom. The disposal, expected to fetch USD480 million, was deemed by the judge to be ‘glaringly inequitous’ as it allowed MIG’s preferred shareholders to vote on it but not ordinary shareholders, and the former would receive ‘excess’ payments from the sale compared to those accorded the latter. According to TeleGeography’s GlobalComms database, MagtiCom is Georgia’s second largest network operator, with an estimated 675,000 subscribers representing 43.6% of the market at the end of June 2006.

Georgia, MagtiCom

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