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Waiting continues for Telecom bidders

Wednesday August 13, 2014 Written by Published in Technology
Waiting continues for Telecom bidders

Three parties vying for a majority stake in Telecom Cook Islands are still waiting for a decision to be made by the seller.

Spark New Zealand, formerly known as Telecom New Zealand, is entertaining bids from two Cook Islands-led consortiums and another from global telecommunications company Digicel.

The offer period for locals closed two months ago, at which time Spark said it would be starting an assessment process.  

According to Richard Llewellyn, Spark’s Head of Corporate Communications, no decisions have been made yet about who will be awarded the right to buy the shares.

“Spark NZ (formerly Telecom) is still working through the sale process with interested parties. We are not in a position to provide further details at this stage,” he said.

The company entered into a conditional agreement to sell its 60 per cent stake in Telecom Cook Islands (TCI) to Digicel for $23 million late last year.

Before the sale could proceed, the shares had to be advertised in the Cook Islands and two parties ended up expressing interest.

One of the groups is being led by local businessman Brian Baudinet, and includes TCI’s executive management team, and foreign company Bluesky, which operates telecommunication and multimedia companies in American Samoa and Samoa.

Baudinet said yesterday that he is bound by a non-disclosure agreement, which prohibits him from making public statements about the process.

The other consortium is being led by KukiCel Director William Framhein, who has teamed up with an overseas telecommunications company.

Framhein has said his consortium “has the money and the experience” to match Digicel.

1 comment

  • Comment Link William Thursday, 14 August 2014 17:28 posted by William

    Digicel should by now be out of the equation and sales documents with that Entity well shredded due to the local bids. Baudinet and Framhein must be given every opportunity to acquire those shares either individually or combined. However both bids must indicate all available shares being locally owned. Theres no value in having these shares offloaded to Foreign Consortiums. Baudinet and Framhein need to put their money where their mouths are. Not someone else money.

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