PT to offer another slice of African holding company

15 Nov 2007

According to its deputy COO Zeinal Bava, the Portugal Telecom (PT) Group plans to sell off a second minority stake in its sub-Saharan African telecoms investment venture Africa Holding, but will keep majority control of the company. No details were given concerning the size or timing of the planned sell-off. In July PT set up Africa Holding to gather its stakes in fixed line and mobile operations in Angola (Unitel), Mozambique (Teledata), Cape Verde (CV Telecom), Namibia, Botswana, Guinea-Bissau, Sao Tome and Principe. In August PT sold 22% of Africa Holding to African equity fund Helios Investment Partners in August for USD171 million. PT has pledged USD450 million financing for Africa Holding and maintains that Africa is its second biggest expansion priority after Brazil. It has indicated its interest in acquiring additional telecoms licences in countries such as South Africa, Nigeria, Ghana, Tanzania and Kenya.