Kinnevik drops plan to divest its shares in Millicom

Credit: REUTERS/PAUL HANNA

Swedish investment company Kinnevik AB said on Thursday it was canceling its plan to divest its shareholding in telecommunications and media company Millicom International Cellular SA through a public offering, due to unfavorable market conditions.

June 13 (Reuters) - Swedish investment company Kinnevik AB KINVb.ST said on Thursday it was canceling its plan to divest its shareholding in telecommunications and media company Millicom International Cellular SA TIGOsdb.ST through a public offering, due to unfavorable market conditions.

"It has become clear that unfavorable market conditions mean that the envisioned two-step divestment cannot be concluded in its current form and on terms which Kinnevik finds sufficiently attractive for its shareholders," Kinnevik said in a statement.

The company added that its amendment of its shareholder remuneration policy is revoked.

(Reporting by Rama Venkat in Bengaluru; Editing by Sandra Maler)

((ramavenkat.raman@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 7151; Reuters Messaging: ramavenkat.raman.thomsonreuters.com@reuters.net))

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