Govt to get $500m for GT?

Singapore Telecom is reportedly in discussions to purchase a stake of between 51% and 66% in Ghana Telecom and is being advised by Merrill Lynch on the buy-in. The sale could reportedly fetch Ghana Telecom more than US$500 million. According to Ghana Telecom, strategic investors are undertaking due diligence as part of the company’s privatization to sell a majority interest. Other reported parties interested in Ghana Telecom include Portugal Telecom and France Telecom. SingTel has traditionally mainly invested in cellular operators in south east Asia and Australia. Telekom Malaysia held a 30% interest and management control in Ghana Telecom but was reportedly forced to exit the venture two years ago saying it couldn’t manage the business with the government, as majority shareholder, continually overriding its decisions. Telenor also ended its subsequent management contract with Ghana Telecom in 2005 on strained terms.