Strategic review of Asian ops going to plan, Millicom says

2 Jul 2009

Millicom International Cellular has announced that its previously announced strategic review of its Asian assets is progressing according to plan. According to a company press release Goldman Sachs has been appointed to advise on the process and, to date, expressions of interest have been received from a number of parties.

As per IFRS rules, the group’s Asian operations will be reclassified as ‘Assets held for sale’ in its balance sheet from 1 May 2009 onwards and shown as discontinued operations in its profit and loss statement from 1 January 2009 onwards. During the three months ended 31 March 2009 the Asian operations and joint ventures generated revenues of USD68 million and a net profit of USD4 million for the Group.