Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
African telco says acquisition increases its customer base to 11 million; expects to add another million by year-end. Africell on Wednesday announced that it has completed the acquisition of Orange Uganda.
The African mobile group agreed to buy Orange’s 65.9% stake in the Uganda business in May for an undisclosed sum.
Last month Africell CEO Ziad Dalloul told Total Telecom that he expects to turn a profit from the unit – something that eluded Orange – within “a year or so”.
Reducing costs, inside and outside the business, will be key to achieving that goal, Dalloul said. “We have to lower the price for the consumer,” he insisted.
Uganda becomes the fourth market in the telco’s African footprint, the other three being Gambia, Sierra Leone and the Democratic Republic of Congo. The acquisition adds 700,000 customers to Africell’s base, giving it 11 million active customers in total.
It aims to exceed 12 million by the end of the year. Original post at Total Telecom