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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 165.24-2.4%Jan 13 3:59 PM EST
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To: foundation who wrote (30803)1/6/2003 3:35:01 PM
From: foundation  Read Replies (1) of 197192
 
Telenor can't object Oniway closure

January 6, 2003

Telenor cannot oppose the closure of its partly owned Portuguese 3G license holder Oniway said Santander Central Hispano, a bank of Spain.

Electricidade de Portugal, which has a 68% stake in Oniway, decided in late last year to close down the startup 3G unit. Telenor (20%) and minority shareholder Iberdrola (8%) said they would oppose the decision, fearing it may require an injection in cash.

Oniway's 3G assets would be sold to the three other operators, TMN, Telecel and Optimus. In addition Telecel agreed to purchase all of Oniway's shares, which gives it the right to use the operator's tax credits. But Telecel may face difficulties in fulfilling its promise. "Thus, this part of the transaction might be at risk and ultimately penalise OniWay's shareholder value," SCH said.

Investments in Oniway had reached €484 million but repeated delays in the launch of 3G has forced EDP's decision to pull the plug on Oniway.

In October 2002, OniWay carried out a live demonstration of its UMTS network in Portugal. The trial consisted of voice calls and a variety of visual and audio communications such as video conference, video and audio streaming and web browsing.

3gnewsroom.com
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