MagtiCom to invest USD73 million in 2009

MagtiCom, Georgia’s second largest cellco by subscribers, plans to spend GEL120 million (USD72.5 million) in 2009 on ‘technical re-equipment’ and the renewal of its licence, according to Georgian Business Week, citing the company’s general director David Lee. MagtiCom has submitted its proposal to the regulator, the Georgian National Communications Commission (GNCC), to extend its mobile licence to operate in the 1800MHz frequency band, which expired on 12 May. ‘The terms and price of the licence remain unknown. At this stage, the company is calculating the licence price,’ said Lee. He added: ‘The amount of investment we plan to make is not small and the funds accumulated after purchasing the licence will be redistributed to various projects.’ Lee also explained that the global financial crisis has not significantly impacted the company’s business: ‘MagtiCom has ambitious plans to make large-scale investments in the long term.’