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- Release Date: 01/04/14 17:44
- Summary: ASSET: TEL: Telecom's conditional sale of its stake in Telecom Cook Is.
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TEL
01/04/2014 15:44
ASSET
REL: 1544 HRS Telecom Corporation of New Zealand Limited
ASSET: TEL: Telecom's conditional sale of its stake in Telecom Cook Is.
Market Release
1 April 2014
Telecom enters agreement for a conditional sale of its interest in Telecom
Cook Islands
Telecom says it has entered into an agreement for the sale of its 60%
interest in Telecom Cook Islands Limited, the incumbent telecommunications
provider in the Cook Islands, for approximately NZ$23 million to Digicel. The
agreement is subject to a number of conditions and is expected to complete by
31 May 2014.
As announced at its investor strategy day in May 2013, Telecom's strategic
ambition is to become a growing New Zealand company and a future-oriented,
competitive provider of communication, entertainment and IT services
delivered over its networks and the Cloud.
"The sale of Telecom Cook Islands is consistent with this strategy and with
our desire to focus principally on our New Zealand operations and on the
needs of New Zealand customers," said Telecom Chief Executive, Simon Moutter.
- ENDS -
For media queries, please contact:
Richard Llewellyn
Head of Corporate Communications
+64 (0) 27 523 2362
For investor relations queries, please contact:
Mark Laing
General Manager Corporate Finance
+64 (0) 27 227 5890
End CA:00248995 For:TEL Type:ASSET Time:2014-04-01 15:44:37
