MTN has acquired a 51% stake in Loteny Telecom, trading as Telecel Côte d’Ivoire, in West Africa’s Republic of Côte d’Ivoire, the group announced on Tuesday.
”We confirm all outstanding conditions precedent for the acquisition have been met,” said Phuthuma Nhleko, CEO of MTN.
”With this acquisition we have further expanded our geographic footprint in West Africa.”
Telecel Côte d’Ivoire has more than 800 000 subscribers and an estimated market share of more than 46% he said.
”As an established operation, Telecel Côte d’Ivoire holds very positive growth prospects for the group,” said Nhleko.
Telecel Côte d’Ivoire was the first mobile operator in Côte d’Ivoire to introduce pre-paid cards in 1998.
The country has recorded one of the highest growth rates for GSM services in Africa over the past five years and growth potential still remains high, given the current mobile penetration rate of approximately 11%, Nhleko said.
It is estimated the current population of Côte d’Ivoire (17,3-million) will grow by approximately 2,2% a year.
The total mobile market at the end of 2004 was 1,8-million subscribers (based on 90 days’ access). The penetration level is expected to grow to 12% in 2005 (2,2-million subscribers), 18% by 2010 and 20% in 2015.
MTN was launched in 1994. At the end of March this year, the group recorded 14,3-million subscribers across its operations.
MTN operates in South Africa, Swaziland, Rwanda, Uganda, Cameroon, Nigeria and Côte d’Ivoire. — Sapa