Colombia's Tigo Ends Q3 with 2.5mn Subscribers
Colombian mobile operator Tigo ended the third quarter of 2007 with 2.5mn subscribers compared to 2.3mn in the previous quarter, Luxembourg-based mobile holding company Millicom Cellular International said in its latest earnings statement.
"In Colombia, Millicom added 211,000 subscribers in the quarter showing that we are beginning to gain traction in this market," the company's CEO Marc Beuls said in a conference call with investors.
Millicom acquired Tigo in August last year from Colombian state-run telcos EPM and ETB for US$479mn, taking control of 50% plus one share.
"It's going to be gradual improvement in Colombia.... We have a market share of around 10% now and we want to grow that market share to the mid 20s and that will take time," the executive added.
Millicom said that Tigo revenues grew 12% quarter-on-quarter but did not provide hard figures.
According to the statement, Tigo is focused on growing the company's market share through the continued development of distribution networks.
The company is orienting most of its South American capex to operations in Colombia, Beuls said.
Posted to the site on 25th October 2007
