Hutchison Telecommunications, owners of Kasapa Telecom in Ghana, have entered into an agreement to sell their ownership in Ghana to EGH International Limited for 584 million Hong Kong Dollars.
Presently pending regulatory approval, the sale was agreed-on on January 17, 2008.
The agreement is taking the form of the sale of Kuwata Limited, which holds the Hutchison group's indirect interests in the Ghana business.
In the group's 2007 annual report, it said with the conversion to a GSM business in Vietnam, the re-organization of the group's operations in Thailand and the impending sale of the operations in Ghana, it has taken positive action to address the most pressing challenges facing the group.
The sale of Hutchison's shares in the company could serve to expand the operations of Kasapa Telecom in the country and lift it up to its rightful place in the Ghanaian Telecommunications sector.
The company also believes the move will help it to compete favorably with competitors such as Onetouch, Tigo and MTN.
When CITY & BUSINESS GUIDE sought the reaction of Bob Palitz, Managing Director of Kasapa on the intended sale yesterday, he did not comment on the issue but said the paper should take everything in the report as true.