mCel launches USD10m bond issue

16 Sep 2008

Mozambique’s largest mobile operator by subscribers, mCel, has launched its second issue of bonds valued at USD10 million. According to a report from APA in Maputo, the company said that the purpose of the bond issue was to raise funds to finance its USD70 million investment plan, which includes improving the quality of its network. ‘The bonds have a maturity of five years, with the possibility of early reimbursement after three years,’ mCel announced. An earlier bond issue, also valued at USD10 million, was carried out three months ago. mCel claims around 70% of Mozambique’s cellular market with approximately three million subscribers.

Mozambique, Mocambique Telecom (TMCEL, formerly TDM, mCel)