TeliaSonera sells 60% Ncell shares to Axiata

Kathmandu December 21-TeliaSonera, owner of the Nepali mobile phone service provider Ncell, sold 60.4 per cent share of the Ncell to the Axiata, an Asian telecommunication company. In its statement, the European telecommunication provider on Monday said it sold the shares worth USD 1,030 million to the Malaysia-based Asian telecommunication giant.

Axiata, headquartered in Kuala Lumpur, has more than 260 million customers and 25,000 employees.

It is a reputable company with a strong focus and expertise in South Asia and is also a long-term investor contributing to development and advancements of the countries it operates in, according to the statement.

The deal, however, is yet to be approved from the Department of Industries in Nepal, Nepal Telecommunication Authority, Malaysian Central Bank and Axiata’s shareholders, respectively. Closing of the transaction is expected to take place in the first half of 2016.