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Monday, July 11, 2011

GTL-a value pick despite everything?

         
  • The group is present across the entire telecom value chain except VAS. But the risk of 'tunneling' revenues/profits/cash flows outside listed subsidiaries exists. As mentioned in their global group presentation, the promoters are also in businesses like tower manufacturing, active infrastructure provision, which may be sold to the listed companies at non arms length. Investors will have to rely on the auditors/tax authorities to ensure that this does not happen.