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The Luxembourg-registered Millicom International Cellular SA is to restructure its operations, in part by spinning off its Asian operations into a separate publicly-listed company. The owner of a portfolio of stakes in cellular franchises around the world will also consider partners or buyers for its Latin American operations. It also plans to make an exchange or tender offer for its subordinated notes and to set a share repurchase program. The surviving company plans to rename itself Millicom SA and will have cellular phone operations and interests in Russia, the Baltics, Luxembourg and Africa. It will also have its Multinational Automated Clearing House SA subsidiary; and it plans to undertake new ventures. Millicom shares rose $4.625 on Nasdaq to close up 13% at $40.125.

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