Telekom Down 0.7% On Ghana Invest Woes

Kuala Lumpur -- Telekom Malaysia (4863) down 0.7% at MYR7.50 on New Straits Times report company's multimillion dollar investment in Ghana Telekom "threatens to chop MYR400 million off its balance sheet".

Telekom lost management control of Ghana Telekom in July 2002 and is trying to get Ghanaian government to buy its 30% stake in company. Telekom paid US$38 million for stake in 1997 which now valued at US$200 million. Telekom also attempting to recover US$50 million plus US$8 million cash including interest on its deposit.

Quoting Telekom's Chairman Muhammad Radzi Mansor, report says no arbitration proceedings against Ghana government have been initiated as Telekom believes matter can be resolved amicably.(VGB)