MIC completes sale of Mobitel to Royal Group

Luxembourg-based telecoms company Millicom International Cellular (MIC) has announced it has completed the sale of its 58.4% stake in Cambodian mobile operator CamGSM (Mobitel) to the Royal Group of Cambodia. The Royal Group already held the remaining 41.6% in Mobitel, bringing its total shareholding in the cellco to 100%. MIC agreed to sell its Cambodian operations to its local partner for USD346 million in cash in August 2009.