KT Corp negotiating stake in CNT?

19 Jun 2012

Ecuador is reportedly negotiating with KT Corp (formerly Korea Telecom) with a view to the South Korean company buying a stake in state-run Ecuadorian full-service telco Corporacion Nacional de Telecomunicaciones (CNT), under a specific aim of investing in CNT’s mobile division, Alegro, which was fully merged into its parent company at the end of July 2010. Prensario.net reported yesterday that Francisco Rivadeneira, Ecuador’s Deputy Minister of Foreign Trade, confirmed that the Ecuadorian government plans to close agreements with KT, a wireline, wireless and broadband group which he said has extensive experience in empowering companies in countries such as Russia, administering local operators to improve market conditions and bring benefits to the consumer. Moon Jae-do, South Korea’s vice minister of knowledge and economy, previously said of a prospective tie-up with Ecuador, that his country would ‘strengthen the bonds of cooperation, considering that the axis of the world economy is changing to the Pacific… Koreans are looking to increase their investment in the world and particularly to developing countries, and Ecuador has a portfolio of interesting projects that can attract foreign investment from Korea.’ The possible deal comes in the context of a framework of investments that South Korean companies are interested in making in Ecuador’s strategic sectors such as construction, energy, telecoms and air transport.

Ecuador, Corporacion Nacional de Telecomunicaciones (CNT), KT Corp