Millicom Adds 1.4 Million New Customers

Millicom International Cellular has announced that it added over 1.4 million subscribers on a pro forma basis through organic growth across its operations in the second quarter of 2006, bringing the total for the Group to 10,903,277 as at June 30th 2006. The announcement comes just days after the company pulled out of talks to sell itself to China Mobile.

These subscriber additions represent growth of 15% in total subscribers from the previous quarter and growth of 62% from the second quarter of 2005, on a pro forma basis.

Marc Beuls, Millicom President and Chief Executive Officer said: "With subscriber acquisition growth of nearly 15% in Q2, following strong growth in Q1, we have demonstrated the effect of our increased investment in the rapidly growing emerging markets in which we are operating. Our success has been driven by a number of key drivers, the launch of the Tigo brand in Latin America and Africa, improved distribution networks and substantially increased capex which adds significant extra capacity and coverage and therefore gives us a competitive advantage in providing the best offer in the market. We have seen the highest subscriber growth in Africa but the growth in Latin America and South Asia have also been strong."

Pro forma subscriber numbers for the current and previous quarters exclude some 400,000 subscribers in Pakcom, following the disposal of the Pakcom business."

Posted to the site on 6th July 2006