EWI receives cash boost

28 Jan 2004

Rollout plans for Kenya’s third mobile operator Econet Wireless Kenya received a boost this week when South African telco Altech pledged KES5.3 billion (USD69.5 million) to the cellco’s parent Econet Wireless International (EWI). EWI, which raised its stake in the Kenyan cellco from 10% to 51% earlier this month, has said it will invest around USD100 million in Econet Wireless Kenya, including half the cellco’s USD27 million licence fee. EWI upped its stake in the Kenyan operator after a consortium of local partners, the Kenyan National Federation of Cooperatives (KNFC), revealed it was struggling to meet its financing commitments for the cellco.