Fluid Telecom wins endorsement to buy Neotel, backup of Tata Communications

Fluid Telecom, which is greater part possessed by Econet Global, has gotten endorsement from the Independent Communications Authority of South Africa (ICASA), to buy Neotel, auxiliary of Tata Communications.

Tata Communications Ltd has educated BSE that the Company vide letter dated June 28, 2016 had educated to Stock Exchange that Liquid Telecom, a container African telecoms amass, greater part possessed by Econet Wireless Global, had gone into a consent to procure South African interchanges organize administrator Neotel, which is a backup of the Company.

From there on, vide letter dated November 08, 2016, the Company educated to Stock Exchange between alia that the Board of Directors of Tata Communications Limited, at its meeting hung on November 08, 2016 prescribed to the shareholders of Neotel, the offer of the whole shareholding in Neotel, subject to endorsement of the Independent Communications Authority of South Africa (ICASA).

Neotel has now educated that they have gotten unrestricted endorsement from ICASA for obtaining of Neotel by Liquid Telecom which is another progression towards shutting of the exchange.

Author : Wealth Research