MIC divests its share in Mauritian telco Emtel to local partner

16 Jul 2014

Millicom International Cellular (MIC) has signed an agreement to sell its stake in Mauritian telco Emtel to its local partner Currimjee Jeewanjee & Co Ltd (Currimjee), for an undisclosed sum. According to TeleGeography’s GlobalComms Database, MIC has a 50% equity interest in Emtel through its wholly-owned Millicom Mauritius Limited unit, while Currimjee owns the remainder. The agreement, which is subject to approval from the relevant Mauritian authorities, will enable Currimjee to ‘consolidate its shareholding in Emtel as part of its strategy to further reinforce its position in the telecommunications and media sectors in Mauritius’. MIC disclosed that although it plans to focus on its major investments in Latin America and in Africa, it will ‘remain a close collaborator through the Business Support Agreement it has with Emtel’.

Emtel’s CEO Shyam Roy commented: ‘The vision and drive of the shareholders of Emtel have been outstanding since its creation and throughout the 25 years [of operation] … The shareholders have always privileged investment, be it in human capital, technology or financial, to build a customer centric organisation. This important change, on our 25th Anniversary is also a retune to a new and future-proof technological and services roadmap to cater for the ever-growing needs of customers.’

Mauritius, Emtel, Millicom International Cellular (MIC)