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Virgin Mobile May Be Reducing its South African MVNO Investment
Published on:
Richard Branson's Virgin Group is not commenting on reports that it is selling a stake in its South African MVNO, and that the CEO, Steve Bailey is resigning from his post.
Citing a well-placed source, TechCentral reported that Virgin will reduce its 55% stake through a sale of an unspecified amount to the UAE based Friendi Group, which already operates a number of MVNOs in the Middle-East.
The report suggested that Virgin Mobile SA's other shareholder, Calico Investments which owns the remaining 45% stake will retain its holding, but plans to work with Friendi Group to expand across Africa.
Bailey declined to comment on his reasons for leaving, but it was understood by TechCentral that he is leaving Virgin Mobile on amicable terms.
Virgin Mobile South Africa was launched in 2006 as a 50:50 joint venture between the Virgin Group and local mobile network, Cell C.
Last February, Cell C sold its stake, with Virgin Group picking up an additional 5% and Calico Investments of The Bahamas taking the other 45%. Financial terms of that transaction were not disclosed.
On the web: TechCentral
Tags: [virgin mobile] [cell c] [friendi group] [South Africa]
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