Cambodian operator Mfone has reached an agreement to transfer all of its mobile subscribers to rival CamGSM (Mobitel), following the company’s decision to file a petition for insolvency proceedings last week. The Phnom Penh Post cites a statement from Mfone as saying that Mobitel will provide a national roaming service to all Mfone subscribers for 60 days starting from 14 January to avoid any interruption of service. At the same time, both companies will work together to transfer all customers to Mobitel. ‘Mfone subscribers will receive a free Mobitel SIM card to let them use the Mobitel network. And Mfone subscribers will keep the number and prefix which are [already] being used,’ the statement said.
As reported by CommsUpdate last week, satellite operator Thaicom announced that its subsidiary Shenington Investment failed to complete the sale of its shares in Mfone to INT Management Service (INT). Thaicom’s board of directors approved the transfer of 24 million shares in Mfone, equivalent to a 100% stake, from Shenington to local investor INT in November 2012. Thaicom owns a 51% stake in Shenington Investment, which agreed to sell the Mfone shares to INT for USD100. However, the agreement was subject to certain conditions which both parties had to complete for the transaction to become effective, and Thaicom said that the conditions pertaining to Mfone’s debt restructuring with creditors could not be completed within the deadline. Following on from the collapse of the sale, Mfone filed a petition for insolvency proceedings in Phnom Penh.