June 12, 2019 / 11:26 PM / 5 months ago

Kinnevik drops plan to divest its shares in Millicom

(Reuters) - 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.

“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

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