LONDON-Millicom International Cellular S.A. announced it sold 900,000 B shares in NetCom Systems A.B.-representing 11.6 percent of a total holding of about 7.8 million A and B shares-to an unnamed telecommunications services provider in Scandinavia.
The consideration equates to proceeds of about $29.3 million and a capital gain of about $19.2 million, based on April 24 stock-exchange rates. MIC’s investment interest in NetCom will decline from 7.5 percent to 6.64 percent on a fully diluted basis.
“As a consequence of the significant growth opportunities MIC continues to experience in its core operations, the company has decided to sell part of its holding in NetCom to provide the additional capital commitment necessary to develop MIC’s rapid growth businesses and to develop some of its recently acquired licenses in Eastern Europe and Europe,” said Marc Beuls, president and chief executive officer of MIC.
