LONDON-Millicom International Cellular S.A. said the sale of its 48-percent interest in Ritabell of Estonia to an affiliate company, NetCom Systems A.B., for $55 million will result in a capital gain of $45 million. Ritabell had about 30,000 cellular subscribers and revenues of $5.9 million as of June 30.
MIC also announced a memorandum of understanding with NetCom to sell its 24.5-percent interest in Comliet UAB of Lithuania and its 35.8-percent interest in Mobile Telecommunications, also of Lithuania, subject to rights of first offer and other clauses of the shareholders’ agreement. “The proceeds will be used to further develop MIC’s operations in Europe and the emerging markets which continue to experience significant rates of growth,” said Marc Beuls, MIC president and chief executive.
