New Vision (Kampala)
By Vision Reporter
CELTEL International's parent company MTC has concluded a $1.332b acquisition of a 61% stake in Mobitel from Sudatel in Sudan.
Over the next 12 months, the company intends to invest another $500m into network capacity and coverage to leverage cross-border opportunities with neighbours like Uganda, and add another 1 million subscribers.
"We are excited about this opportunity and believe that this transaction will add great value to the MTC group and offer attractive returns to MTC shareholders," Asaad Al Banwan, the chairman of MTC, said.
Mobitel is Sudan's premier mobile operator with over 1.9 million subscribers. The funding for this transaction had already bee secured.