Portugal Telecom completes purchase of 34% stake in Namibian cellco

27 Jul 2006

Portugal Telecom (PT) has completed a purchase of a 34% stake in Namibia’s sole mobile network operator, Mobile Telecommunications (MTC), from the government for around NAD1.02 billion (USD148.4 million). The chairman of state-owned Namibia Post and Telecom Holdings Steve Motinga said the holding company had sold 8.5 million shares to PT for NAD120 each. Upon completion, PT’s chairman Joao Pedro Baptista announced that the new owner would ‘introduce advanced technology, new services and new products to Namibia… They could later be linked to other countries in Southern Africa where we have branches.’ MTC has around 490,000 subscribers to its GSM services, which cover approximately 88% of the population. PT has interests in at least seven African countries including Morocco, Angola, Botswana and Mozambique, providing a diverse range of services such as fixed line, wireless telephony and pay-TV.

Namibia, Mobile Telecommunications (MTC)