NTT DoCoMo buys into TM International Bangladesh

Japan's NTT DoCoMo has bought 30 percent of the Bangladesh unit of Malaysian mobile phone company TM International Bhd, TM International said on Friday.

TM International controls the AKTEL brand in Bangladesh, with more than seven million subscribers, making it the third-largest mobile services provider in the country.

DoCoMo, Japan's largest mobile phone company, bought the stake from A.K. Khan Group, which was a major shareholder of the Bangladesh business since its inception in 1996, TM International said in a statement. It did not disclose the value of the deal.

"The new partnership will go a long way towards unlocking the future potential of TM International Bangladesh," said Jamaludin Ibrahim, chief executive of Kuala Lumpur-listed TM International.

Bangladesh has one of the world's fastest-growing cellular markets, with the number of users expected to grow to 70 million by 2011 from the current 45.4 million.

TM International was the result of a demerger in April by state-owned Telekom Malaysia . Khazanah Nasional, the investment arm of the Malaysian government, owns a 44.5 percent stake in TM International.

TM International shares ended 10 percent higher at 6.55 ringgit before the release of the announcement while the broader market gained 3.4 percent.