MONTREAL-ClearWave N.V., the Central/Eastern European subsidiary of Canada’s Telesystem International Wireless Inc., withdrew its initial public offering due to poor market conditions.
“Market conditions at the time of initial planning for the IPO of ClearWave shares made the offering an attractive opportunity for us to consolidate our holdings in Central and Eastern Europe by leveraging the value of our Romanian operation to increase our economic exposure to our Czech operation,” said Bruno Ducharme, president and chief executive officer of TIW. “However, current market conditions have made this opportunity economically unattractive for TIW. The dilution of our economic participation in Romania would be excessive in relation to the increase of our participation in Cesky Mobil.”
