|Shin Satellite Signs with Asia Mobile Holdings As Strategic Partner in Cambodia and Laos
June 4, 2007
Nonthaburi, Thailand. Shin Satellite Public Company Limited (“SATTEL”), Asia’s leading commercial satellite service provider and the operator of the IPSTAR broadband satellite, has agreed to sell its 49 percent share in Shenington Investments to Asia Mobile Holdings (AMH) for USD 200 million. Shenington has a 100 percent share in CamShin and 49 percent share in Lao Telecommunications.
Under the agreement, AMH will invest USD 200 million for the 49 percent equity share in Shenington, while Shin Satellite will remain as the controlling shareholder with the 51 percent stake. The equity value of Shenington is at approximately USD 400 million.
“The partnership with AMH represents a key milestone for Shin Satellite, and the future growth of telecommunication services in Cambodia and Laos. The formation of this strategic alliance will bring significant long term value to our shareholders”, said Dumrong Kasemset, Executive Chairman of Shin Satellite.
With the introduction of AMH as a strategic shareholder of Shenington, Lao Telecommunications and CamShin are expected to gain additional technical capabilities and management expertise, positioning them as leading telecommunication companies in South East Asia.