Globalfono in need of local funds

16 Apr 2004

Spanish public telephone booth operator Globalfono Investments has said that it is seeking a partner to take a 50% stake in its Mexican subsidiary. The company is planning to expand its operations across the Latin-American region over the next three years, and expects its revenues to surpass USD12 million in 2004, representing a rise of 70% over 2003. Globalfono is aiming to install 10,000 callboxes in both Mexico and Brazil before the end of 2006; it has already sold 50% of its Brazilian subsidiary to local partners. Cosetel, Globalfono’s established Argentine arm, currently operates 1,500 lines.