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Government hopes to sell Mongolia Telecom in 2008

Thursday, 03 January 2008

Mongolia’s State Property Committee has released a list of state-owned businesses it will seek to privatize in 2008. The most important of these businesses appears to be Mongolia Telecom (MT).

Currently, Mongolia owns 54 percent of Mongolia Telecom, with Korea Telecom holding 40 percent of the company.

In 1995, Korea Telecom received permission to purchase 40 percent of the company for $4.5 million.

Prior to selling Mongolia Telecom, the government is seeking to buy back the Korea Telecom-owned shares. However, disagreement over the value of the shares could delay the sale of the company.

In August 2006 the government approved a restructuring of MT into two autonomous units called NetCo and ServCo, to operate the infrastructure and services respectively.

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