Do More With Reuters

Ghana parliament delays Vodafone deal decision

Sat Jul 19, 2008 2:49am IST
 
Email | Print | | Single Page
[-] Text [+]

ACCRA, July 18 (Reuters) - Ghana's parliament delayed on Friday a decision on a deal that would allow Britain's Vodaphone Group Plc (VOD.L: Quote, Profile, Research) buy a 70 percent stake in Ghana Telecom, the country's third largest mobile phone operator.

Vodafone signed a deal with the government in July to pay $900 million for its share of the company, but will have to wait until lawmakers return from a month-long break that began on Friday before the purchase can be approved.

The government was forced on Friday to reintroduce an amended version of the agreement to members of a joint committee examining the deal in order to address some of the concerns raised by its critics.

After MPs had adjourned, Communications Minister Benjamin Aggrey-Ntim told Reuters he was confident the deal would be approved "within the third quarter period."

Vodafone sees Ghana as one of the most attractive markets in Africa as the country of 24 million has subscribers growing at more than 55 percent and mobile penetration around 35 percent.

The deal would give Vodafone majority control of the company, which has a 17 percent share of the market and had around 1.4 million customers at the end of March. It is also Ghana's leading fixed-line operator. (Reporting by Kwasi Kpodo, Writing by David Lewis, Editing by Andre Grenon)

Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

Commodities

Commodity Last Pct Chg Trade Date/Time
Oil 85.36 +1.97% 10/07 10:46 IST
Gold 865.5 -0.12% 10/07 10:57 IST