Hutch buy-up - Mobitel denies terms

Mobile phone operator Mobitel has denied recent reports (not in this newspaper) about its attempt to buy struggling rival operator Hutch. A Mobitel media statement acknowledges that the company hopes to buy another phone company but said that no plans have been ‘finalised’.The media statement, which does not mention Hutch, said:

Publicity has been given in a section of the print and digital media with regard to an acquisition contemplated by Mobitel (Pvt) Ltd. The company denies the assumptions and opinions made on the subject, that Mobitel hopes to make a payment which is above the value of the target entity.Mobitel said that it is following the due process for such a transaction and no finality has been reached.