Investcom Increases Yemeni & Sudan Investments

Investcom has announced that it has finalised the terms of its increased ownership in its Yemen and Sudan subsidiaries. In September 2005, Investcom entered into a deed of exchange with Al Bashair Telecom, agreeing to acquire an additional 40% stake in Spacetel Yemen. The transaction takes Investcom's overall stake to 82.8% and will result in Spacetel Yemen now being fully consolidated in Investcom's financial results as of 1st April 2006.

Investcom also agreed to acquire an additional 30% interest in Bashair Telecom Co., its Sudanese operations. This transaction takes Investcom's total stake to 85%.

Commenting on the closing of these deals, Azmi Mikati, Chief Executive Officer, said: "Yemen and Sudan are very important markets for Investcom and both have shown solid growth to date and continue to contribute positively to our company's success. "In 2005, we saw total subscribers in Yemen almost double. After just five months of operations in Sudan in December 2005, we have reached gross operating revenues of more than US$20 million with a market share of 12%.

"We have benefited immensely from relationships with local partners, gaining valuable local insights into new operating markets and look forward to continued progress in the future."

According to The Mobile World database, Spacetel Yemen ended last year with just over 820,000 subscribers, representing a 41% market share. Sudan's Bashair Telecom had just under 270,000 customers - representing a market share of 12%."

Posted to the site on 28th April 2006