The Kenyan government had recently invited bids for the 26% stake in the state-owned landline company, which has about 300,000 customers and an average revenue per user of about $40 per month. The successful bidder will be announced on September 25 and the dateline for signing the deal is October 17. Kenya also plans to sell additional 34% stake in Telkom Kenya through an IPO after identifying a strategic partner for the company.
MTNL, which offers both fixed line services in Mumbai and Delhi, plans to bid for 26% equity stake in Telkom Kenya. According to MTNL sources, the company was planning to bid for the 26% stake for Telkom Kenya as it had lost the bid to acquire a mobile license in the African country last year.
The IPO date will be finalised only after consultations with the successful bidder for the 26% stake. The International Finance Corporation is the transaction advisor to the Kenyan government for the deal.
Read more in The Economic Times article.
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