Article – BusinessDesk
Dec. 20 (BusinessDesk) Telecom Corp, New Zealands biggest telecommunications company, is considering selling its 60 percent stake in its Telecom Cook Islands joint venture.
Telecom NZ mulls sale of 60% stake in Cook Islands joint venture
By Tina Morrison
Dec. 20 (BusinessDesk) – Telecom Corp, New Zealand’s biggest telecommunications company, is considering selling its 60 percent stake in its Telecom Cook Islands joint venture.
No decision has been made yet on whether to proceed, Auckland-based Telecom said in a statement.
Telecom has operated the joint venture with the Cook Islands government since July 1991 and paid $3 million to increase its stake from 40 percent in July 1997. The Cook Islands venture is the largest provider of fixed-line phone, mobile and broadband services in the country.
The company this month sold its AAPT unit in Australia to ASX-listed TPG Telecom for A$450 million.
The shares climbed 2.6 percent to $2.35 yesterday, and have eked out a 3.3 percent lift this year.