Thursday, 19 October 2017

Millicom sells its 50% share in Mauritius business to Currimjee

Millicom
Wednesday 16 July 14

Millicom (Stockholmsbörsen: MIC), the international telecommunications and media company, and its Mauritius business partner Currimjee Jeewanjee & Co Ltd (Currimjee) jointly announced today that they have signed an agreement whereby Currimjee will purchase Millicom’s fifty per cent shareholding in Emtel Ltd (Emtel). This agreement, which is subject to the approval of the relevant Mauritian Authorities…

Millicom (Stockholmsbörsen: MIC), the international telecommunications and media company, and its Mauritius business partner Currimjee Jeewanjee & Co Ltd (Currimjee) jointly announced today that they have signed an agreement whereby Currimjee will purchase Millicom’s fifty per cent shareholding in Emtel Ltd (Emtel).

This agreement, which is subject to the approval of the relevant Mauritian Authorities, will enable Currimjee to consolidate its shareholding in Emtel as part of its strategy to further reinforce its position in the telecommunications and media sectors in Mauritius.

Millicom’s purpose is to execute its strategy to focus on its major investments in Latin America and in Africa.

Millicom, historical partner of Emtel, will continue to remain a close collaborator through the Business Support Agreement it has with Emtel.

After 25 years of fruitful investment collaboration, Currimjee and Millicom are very pleased with this outcome. They are confident that Emtel, whose success has always been based on innovation and consumer centric strategy, will continue to respond to its customer needs of today and tomorrow.

Anil Currimjee, Managing Director of Currimjee Jeewanjee & Co Ltd said “Twenty five years after we launched Emtel, we are pleased to be able to enhance our investment in Emtel. We are pioneers in this sector and are delighted to continue to participate in the strong growth perspective of the company, the telecommunications and media sectors, and of the Mauritian economy.

We thank Millicom for the valued contribution over the years.”

Arthur Bastings, Executive Vice President, Africa, from Millicom commented “We wish our partners at Currimjee and colleagues at Emtel well for the future. We have had many years of fruitful collaboration in Mauritius and we look forward to them prospering under the new ownership arrangement whilst we concentrate our resources on developing operations in Africa and Latin America.”

Shyam Roy, CEO of Emtel Ltd said, “The vision and drive of the shareholders of Emtel have been outstanding since its creation and throughout the 25 years, which has brought us to the Emtel of Today. The shareholders have always privileged investment be it in human capital, technology or financial to build a customer centric organisation.

This important change, on our 25th Anniversary is also a retune to a new and future-proof technological and services roadmap to cater for ever growing needs of customers.

The Emtel team and I wish to thank Millicom for their invaluable support over the years.

I am confident that Currimjee Jeewanjee will perpetuate investments to lead the Emtel of tomorrow in continuous improvement and innovation for the benefit of all stakeholders.”
 


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