MICROCELL TELECOMMUNICATIONS INC - Telesystem Increases its Stake in
Microcell
Toronto, Ontario, Oct. 26, 1999 (Market News Publishing via COMTEX)
-- Telesystem Ltd. confirmed that it will increase its stake in
Microcell Telecommunications Inc. -a supplier of wireless
communications in Canada-by acquiring some of the voting shares
presently held by Call-Net Enterprises Inc. Telesystem currently holds
49.1 % of the voting shares of Microcell and 30 % of the shareholders'
equity. The final percentage of its holding will be known at the end
of the procedure laid down in the shareholders' agreement, whereby the
founding shareholders have the right of first refusal on any block of
shares available.
"Telesystem could hardly let such an occasion pass", commented Charles
Sirois, Chairman and Chief Executive Officer of Telesystem Ltd.
"Microcell has succeeded beyond our expectations, the results are
excellent, and the potential for growth proven."
In tune with its management philosophy, Telesystem does not wish to
restrict access to Microcell's capital. "Against the current backdrop
of the global consolidation of communications companies, Telesystem is
open to the possibility of welcoming a new strategic partner who would
contribute expertise and also increase the company's capital base,"
Sirois added.
Telesystem Ltd. is a private Canadian group engaged in the creation
and management of communications companies around the world. Its
portfolio has a market value of about C$10 billion and includes:
Teleglobe, Microcell, TIW, Spectra Telecom, Telsoft, Microtec, Look
Communications, Public Technologies Multimedia, and Motion
International (Coscient Group).
Microcell Telecommunications Inc. is a Canadian provider of PCS and
the only company to operate a GSM-based network. In November 1996, it
became the first company to offer PCS at 1.9 GHz in Canada, under the
Fido(R) brand name, and its network currently covers 53 % of the
Canadian population. Beyond its PCS footprint, Microcell offers analog
roaming service over a territory that reaches 94 % of Canada's
population. Among Microcell's major shareholders are: Telesystem Ltd.,
Call-Net Enterprises Inc. (parent company of Sprint Canada), and Le
Groupe Videotron Ltee. The company has exclusive ownership of four
subsidiaries. Its head office is in Montreal.
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TEL: (514) 397-8469 Ann-Marie Gagne, Associate Director,
TEL: (514) 397-8469 Ann-Marie Gagne, Associate Director
Communications
Telesystem Ltd.
E-mail: amgagne@telesystem.ca
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