Celtel forges ahead with African expansion

20 Jan 2004

Netherlands-based Celtel, formerly MSI Cellular, says it plans to pursue further acquisitions and licence awards in Africa in 2004, and possibly seek a stock market flotation, to expand its African presence beyond the dozen or so countries in which it already operates. Meanwhile, the Dutch company has announced USD62 million worth of additional funding from private equity led by the Capital Group. Celtel’s CEO Marten Pieters said his company was exploring options to bid for licences in Angola and Liberia, building on more than USD500 million in investments in sub-Saharan Africa – a fast growing market for wireless services. In addition, Celtel is looking into the possibility of purchasing a 60% stake in Kenya’s second largest cellco, Kencell, as well as investments in Ghana, Senegal and Ivory Coast.