KOREAN FIRM IN LEAD FOR TELEKOM PNG

PORT MORESBY, Papua New Guinea (The National, Dec. 24) – A Korean telecommunications company is leading the bid to buy a 51 percent stake in Telikom PNG, government officials disclosed yesterday.

A source told The National that the Korean firm’s offer was about K140 million (US$43 million) for the 51% stake.

Responding to criticism by a South African company, Econet, that its bid of K161 million (US$50 million) is the highest offer, the source said money is not the only consideration. Other factors considered, he said, are community service obligations and massive injection of capital, equipment and technology.

He did not release the name of the Korean company, but said it is a listed company whose annual revenue is in the "hundreds of billions".

Currently there are about 70,000 telephone lines in PNG.

December 24, 2003

The National: www.thenational.com.pg/

 

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