Libercell receives major investor boost

1 Nov 2010

Kuwait-based telecoms group HiTS Africa Inc has acquired a majority stake in Liberia’s Atlantic Wireless Liberia (Libercell), as part of a plan to extend and improve telecoms access in the country. reports that HiTS Africa CEO Par Ericksson signed the deal on behalf of his company, while Azzam Shaty signed on behalf of Libercell and will move to a new position of chairman of the board. Meanwhile, a new Libercom CEO has been appointed in the shape of Bachar Saghir. Following the takeover HiTS Africa, which previously owned a 30% stake in Libercell, plans to invest in the cellco to help it achieve nationwide coverage and provide an improved range of value added services. According to Bachar Saghir the current cellular penetration rate in the country is 13% (equivalent to 442,000), and there are plans to boost this to 95% in the long term.