HITS to raise USD300m from equity sale

28 Jun 2007

Saudi Arabia-based House of Integrated Technologies and Systems (HITS) is rumoured to be considering selling a stake in its wireless holding company HITS Telecom, to help raise the USD1 billion needed to fund expansion in three African countries, Uganda, Tanzania and the Democratic Republic of Congo. The firm plans to raise USD300 million by selling a stake in HITS Telecom to private equity investors and borrow USD700 million to bolster its business portfolio on the continent.

Saudi Arabia, Africell Uganda, Y-GSM