TT sale delayed by political climate

24 Oct 2013

The sale of Dubai-based Emirates International Telecommunications’ (EIT’s) 35% stake in Tunisie Telecom (TT), which is majority owned by the Tunisian state, has been delayed by the nation’s political turmoil, Reuters reports. The sale process is ongoing, but is expected to take several months, EIT’s chief executive Deepak Padmanabhan said, adding that: ‘The government has been so far supportive but it is the overall political climate that is the challenge.’ Tunisia is in the midst of its worst political crisis since the overthrow of Zine El Abidine Ben Ali during the 2011 ‘Arab Spring’, after the assassinations of two left-wing politicians early this year triggered a string of street protests. EIT paid USD2.25 billion for its stake in TT in 2006, but its holding was valued at just USD650 million by JP Morgan this July. As previously noted by CommsUpdate, 13 companies have expressed an interest in purchasing the stake, including Turkcell, Libya’s LAP Green Networks and South Korea’s KT Corp.

Tunisia, Tunisie Telecom (TT)