Celtel takes formal control of WESTEL

18 Dec 2007

On 14 December 2007 the government of Ghana finally completed the agreement to allow Netherlands-based Celtel International, a subsidiary of Kuwaiti telecoms group Zain (formerly MTC Group), to take control of the country’s second national operator, Western Telesystems (WESTEL). In October this year Zain agreed to purchase a 75% stake in WESTEL from the Ghanaian government for USD120 million. The government will retain a 25% interest in the SNO via Ghana National Petroleum Corporation, although it has said it will reduce this to as little as 5% within three years through a flotation. The delay in endorsing Celtel’s bid has been attributed by some to disagreements over provisions that gave wide tax holidays to Celtel. It is, however, still unclear if those provisions have been withdrawn, reports Myjoyonline.

Ghana, AirtelTigo, Zain Group