Hotelier Quoin International (ASX:QIL) has revealed it made “significant” progress towards acquiring a substantial holding in telecom company Eftel (ASX:EFT) this quarter.
Shareholders approved the acquisition in January, Quoin said, satisfying the requirements of both Australian and Papua New Guinea corporate law.
The size of the potential stake was not revealed.
Quoin operates accommodation and tourist destinations in Papua New Guinea and the Soloman Islands.
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