TELEKOM MALAYSIA BHD and the government of Ghana have mutually agreed that Telekom Malaysia will not proceed with its proposed purchase of an additional 15% stake in Ghana Telecommunications Co Ltd.

In a statement to the KLSE, Telekom Malaysia said the deposit payment of US$50mil becomes due and payable to Telekom following the termination of the transaction.

It said it has notified the Government of Ghana on this matter and has commenced negotiation on the terms for the refund of the deposit.

Telekom Malaysia also said it has been informed by Ghana’s Ministry of Communications and Technology that the exclusivity period in telephony in Ghana is deemed to have expired on Feb 19, 2002.