Etisalat confirms bid for Sri Lankan telco

UAE telecom giant says it is eyeing 100% stake in Sri Lanka unit of Luxembourg's Millicom - statement.

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By  Soren Billing Published  September 14, 2009

Etisalat on Monday confirmed it has made a bid for the Sri Lankan unit of Luxembourg-based telecom operator Millicom.

The UAE telecom giant made the bid on September 4, it said in a statement to the Abu Dhabi Securities Exchange.
Financial details were not disclosed.

Last month, India’s Economic Times estimated the Sri Lankan mobile network operator, branded Tigo, to be worth between $150m and $200m.

India’s Bharti Airtel has said it also plans to bid for the company.

Millicom has said the sale of its Sri Lankan operations will be concluded by the first quarter of next year, according to Sri Lanka’s Sunday Times

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