Mauritian conglomerate Currimjee buys 50% stake of partner Millicom in Emtel
Bashir Currimjee (left) from Currimjee Jeewanjee & Co and Arthur Bastings of Millicom shake hands over the agreement (Image: Company)
Mauritius-based conglomerate Currimjee Jeewanjee & Co and global telecommunications major Millicom International Cellular SA have signed an agreement under which Currimjee will purchase 50% share held by Millicom in Emtel.
This agreement, which is subject to the approval of the relevant authorities in Mauritius, 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.
As for Millicom, this agreement is in line with its strategy to focus on its major investments in Latin America and in Africa.
Millicom, a 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 have expressed that they 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 and Co Ltd, said, “Twenty five years after we launched Emtel, we are pleased to be able to enhance our investment in the company. 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 their valued contribution over the years.”
Arthur Bastings, Executive Vice President, Africa, from Millicom said, “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.”
Bashir Currimjee, Chairman, and 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 return to a new and future-proof technological and services roadmap to cater for ever-growing needs of customers. On behalf of the Emtel Team and our own behalf, we wish to thank Millicom for their invaluable support over the years. We are confident that we will perpetuate investments to lead the Emtel of tomorrow in continuous improvement and innovation for the benefit of all stakeholders,” they added.
ABOUT CURRIMJEE JEEWANJEE AND CO LTD:
Currimjee Jeewanjee and Co Ltd (CJ) established in 1890, is a leading player in various sectors of the Mauritian economy, being part of the Currimjee Group.
The Currimjee Group is recognised as one of most innovative business organisations in the country, with activities in the telecommunications, media & information technology, real estate, hospitality & tourism, energy, food and beverages, and personal care sectors.
Millicom is a leading international telecommunications and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing digital lifestyle services to the world’s emerging markets, giving access to the world, primarily through mobile devices. Operating in 15 countries, Millicom offers innovative and customer-centric products.
Millicom employs more than 10,000 people and provides mobile, cable, broadband, TV content, online and financial services to over 50 million customers. Founded in 1990, Millicom is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013 Millicom generated revenue of $5.16 billion and EBITDA of $1.9 billion.
On 29th May 1989, Emtel Ltd became the first mobile telephony operation in the Southern Hemisphere. From a mobile company, Emtel has become a one-stop-shop for ICT solutions offering a wide range of products and services for individuals and enterprises, Homes and Offices. Emtel’s innovations include the first 3G in Africa in 2004.
Today with 4G and FTTB services it is one of the most technologically advanced operators in Africa.
Emtel also offers international connectivity solutions via undersea Fibre cables and a state of the art Tier 3 Data Centre.