Friday 16 November 2012 | 12:42 CET | News
Thaicom announced an agreement to sell its struggling Cambodian operator Mfone for just USD 100 to the local investor INT Management Service Corporation. Loss-making Mfone had total liabilities of USD 161.5 million at the end of June, and negative equity of USD 38.1 million; INT will also acquire all the company's debts. Thaicom took a charge of THB 252 million in the last quarter for the loss on the sale. Thaicom said it expects to complete the deal before the end of the year, with no further charges for Mfone. The company had been contributing an average quarterly loss of THB 130 million. In the first six months of this year, Mfone's net loss was USD 25 million.