CANTV, Movilnet plan VEB1.14 trillion investments

30 May 2007

Venezuelan incumbent telco CANTV plans to invest VEB267 billion (USD124 million) to meet the rollout goals announced after its recent nationalisation, whilst its mobile unit Movilnet requires VEB860 billion to meet its targets, reports BNamericas, quoting the company’s respective presidents, Socorro Hernández and Jacqueline Faría. The telco expects to deploy 1.6 million additional fixed lines in the next 18 months, whilst expanding its fibre-optic network to 15,000km by the end of the year, up from 7,000km today, by merging with networks owned by utility companies Edelca (part owner of telco CVG Telecom), Cadafe and EDC. CANTV had 3.45 million fixed line subscribers at the end of 2006, according to TeleGeography’s GlobalComms database. The former monopoly’s 100%-owned subsidiary Movilnet plans to add two million new mobile lines to take its total subscribers to over ten million, and interconnect 5,200 schools, in the next 18 months. On 9 May the government upped its stake in CANTV to 86.2%.

Venezuela, CANTV, Movilnet