Southeast Asia’s largest telecommunications firm by revenues and subscribers Singapore Telecommunications (SingTel), is planning to bid for a majority stake in Ghana’s state-owned PTO Ghana Telecom, in a deal likely to be worth more than USD500 million, banking sources have told Reuters. An acquisition in Africa would take SingTel outside its traditional Asia-Pacific operating zone where to date it has invested USD12.30 billion in recent years to purchase assets in Asia and Australia.
Ghana Telecom has confirmed that strategic investors are conducting due diligence on the company. The stake up for grabs is thought to be at least 51%, although some sources say it could be as much as 61%. Other companies interested in acquiring the stake include France Telecom and Portugal Telecom.