July 22, 2009 (LBO) – Millicom International Cellular, the parent of Sri Lanka’s Tigo celco, would complete the sale of its Asian operations by the first quarter of 2010, chief executive Mikael Grahne has said. “The disposal of our Asian assets is in progress and expression of interest have been received from a number of parties for the three assets,” Grahne said in a statement to shareholders.
“We expect the disposal to be completed by Q12010.”
The groups has operations in Sri Lanka, where it was the island’s pioneer celco, Cambodia and Laos.
“In Sri Lanka, the civil war has ended which opens up greater opportunities for territory expansion and the return of tourism and investment into the country will create greater purchasing power,” Millicom said.
But some markets were suffering from stiff price competition.
“In Cambodia and Sri Lanka new competitors have entered the market with disruptive market entry strategies,” the company said.
“In Cambodia the new market entrants have been giving away free SIMs and airtime to fill up their empty networks and in Sri Lanka, the smaller players have been cutting prices aggressively.”
Millicom has listed Asian assets as discontinued op