Telekom Malaysia Bhd (TM) has sold its entire shareholding in Telekom Networks Malawi Ltd to MTL Mobile Ltd for US$16 million (RM55.2 million) cash.

In a statement on April 5, Telekom said the sale was part of a broader re-orientation of its international investment strategy to focus on geographic regions closer to home.

Telekom Malawi was set up in March 1995 pursuant to a joint-venture agreement between Malawi Posts and Telecommunications Corporation (now known as Malawi Telecommunications Ltd) and TM.

Telekom Malawi is a cellular telephone operator in Malawi with about 300,000 subscribers.