The holding company of Namibia’s second largest cellco Powercom (Leo), which warned that it will liquidate the company if a court did not clear Telecom Namibia’s proposed takeover of Leo, appears to have backtracked on the statement, or at least delayed the deadline for the threatened action, reports The Namibian newspaper. As reported last month by CommsUpdate, Guinea Fowl Investments (GFI), the joint holding venture between Leo’s two shareholders Investec Bank and Nedbank, brought a case to the High Court in an attempt to remove regulatory obstacles to the merger with the state-owned telco. The Communications Regulatory Authority of Namibia (CRAN) has ruled that the merger can only proceed if legislation is amended to allow private shareholders to purchase 25% or more of Telecom Namibia – a condition that GFI argues it is powerless to comply with.
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OVETEL Leo not carrying out bankruptcy 'threat'?
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