Thaicom to Sell Mfone Business, Focus on Satellite
By Jeffrey Hill | August 20, 2012
[Satellite TODAY 08-20-12]Satellite operator Thaicom will sell its Mfone mobile phone business to an operator outside of Thailand by the end of this year, according to the company’s latest financial results issued Aug. 17.
Thaicom Spokesman Ken Streutker said the company is holding discussions with two prospective foreign operators about a possible takeover of the mobile firm, which will help the satellite service provider cut losses and bolster its finances.
“Mfone is the third largest mobile phone company in the Cambodian mobile market, with a 14 percent market share,” Streutker said in a statement. “But, we expect to exit the Cambodian market through the sale of the company. We expect to maintain our revenue growth target of between 8 percent and 9 percent this year, driven by our satellite business.”
Thaicom’s 2012 second-quarter sales and service revenue both increased 3.4 percent from the same period last year. The operator’s satellite revenues grew 17.5 percent year-on-year in the first half and contributed nearly 80 percent of Thaicom’s total revenue.