France Telecom’s Mauritian Unit to List Shares in Port Louis

Mauritius Telecom, in which France Telecom SA holds 40 percent, plans to start trading its shares on the Indian Ocean island nation’s bourse, pending approval from the government, Chairman Appalsamy Thomas said.

“We are waiting for the decision from the Ministry of Finance,” Thomas told reporters today in the capital, Port Louis. “Once it’s obtained, it will take us four months before listing.”

The government, State Bank of Mauritius Ltd., the country’s second-biggest lender, and the National Pension Fund will reduce their stakes in the company through the listing, according to Thomas. About 10 percent to 15 percent of shares will be traded on the nation’s exchange, Chief Financial Officer Cyprien Mateos said.

France Telecom bought 40 percent of the operator for 7 billion rupees ($252.7 million) in 2001, Mauritius Telecom Chief Executive Officer Sarat Dutt Lallah said. The company’s total assets were valued at 15 billion rupees, it said in its annual report distributed today.

Mauritius Telecom’s profit after tax increased 16 percent to 1.7 billion rupees in the year through December, it said today. Revenue at the company, the nation’s only fixed-line operator, advanced 4.7 percent to 7.5 billion rupees.

The company plans to invest as much as 4.3 billion rupees, or 50 percent of its reserves, in international projects, Thomas said.

“We have sufficient reserves, which need to be spent wisely,” he said. “We are now in talks with telecommunications providers in Uganda and Vanuatu.”