CANTV signs up 400,000 mobile users in 1Q, plans USD500 million investment

3 Apr 2006

Movilnet, the mobile division of Venezuelan telecoms group CANTV, signed up 400,000 new subscribers in the first three months of 2006 to take its total customer base to 5.5 million, roughly equal to nearest rival Movistar. CANTV says it plans to invest USD500 million in 2006, similar to the amount it spent in 2005, with the largest chunk earmarked for its cellular business. The firm plans to spend USD260 million in the first half of the year to expand its CDMA-based operations. It is also planning to invest heavily in broadband services; CANTV’s broadband client base grew 74% to around 300,000 during 2005.

Venezuela, CANTV, Movilnet