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Tunisia govt to sell part of Tunisie Telecom to fund Go deal 

The Tunisian government said it plans to sell part of its 65 percent stake in Tunisie Telecom in order to help with the acquisition of GO Malta. According to Agence Ecofin, the Tunisian government is planning to list the portion of the TT stake on the local stock exchange. Noomane Fehri, the minister for information technology, did not specify how much of the Tunisian government's stake would be sold off.

However, according to Agence Ecofin, the funds will be used to help drive international expansion – the acquisition of GO Malta – as well as its domestic development plans. The minister said the state's resources alone would be insufficient to support the telecom company's plans, so the decision was taken to expand the company's ownership.

Emirates International Telecommunications (EIT) currently owns 60 percent of GO's shares. Since 2006, EIT also owns a 35 percent stake in Tunisie Telecom, which has also offered to buy the rest of the 40 percent shares in GO. Private shareholders (40%) are now awaiting TT's acquisition offer for their shares.

Source: Telecompaper