|[July 16, 2014]
Millicom International Cellular: Millicom Sells Its 50% Share in Mauritius Business to Its Partner Currimjee
STOCKHOLM --(Business Wire)--
Millicom (News - Alert) International Cellular (NASDAQ:MICC) (STO:MIC)
Millicom (Stockholmsbörsen: MIC), the international telecommunications
and media company, and its Mauritius business partner Currimjee
Jeewanjee & Co Ltd (Currimjee) jointly announced today that they have
signed an agreement whereby Currimjee will purchase Millicom's fifty per
cent shareholding in Emtel Ltd (Emtel).
This agreement, which is subject to the approval of 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.
Millicom's purpose is to execute its strategy to focus on its major
investments in Latin America and in Africa.
Millicom, historical partner of Emtel, will continue to remain a close
collaborator through the Business Support Agreement it has with Emtel.
After 25 years of fruitful investment collaboration, Currimjee and
Millicom are very pleased with this outcome. They are confident that
Emtel, whose success has always been based on innovation and consumer
centric strategy, will continue to respond to its customer needs of
today and tomorrow.
Anil Currimjee, Managing Director of Currimjee Jeewanjee & Co Ltd said
"Twenty five years after we launched Emtel, we are pleased to be able to
enhance our investment in Emtel. We are pioneers in this sector and are
delighted to continue to participate in the strong growth perspecive of
the company, the telecommunications and media sectors, and of the
We thank Millicom for the valued contribution over the years."
Arthur Bastings, Executive Vice President, Africa, from Millicom
commented "We wish our partners at Currimjee and colleagues at Emtel
well for the future. We have had many years of fruitful collaboration in
Mauritius and we look forward to them prospering under the new ownership
arrangement whilst we concentrate our resources on developing operations
in Africa and Latin America."
Shyam (News - Alert) Roy, CEO of Emtel Ltd said, "The vision and drive of the
shareholders of Emtel have been outstanding since its creation and
throughout the 25 years, which has brought us to the Emtel of Today. 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 ever
growing needs of customers.
The Emtel team and I wish to thank Millicom for their invaluable support
over the years.
I am confident that Currimjee Jeewanjee will perpetuate investments to
lead the Emtel of tomorrow in continuous improvement and innovation for
the benefit of all stakeholders."
Millicom is a leading international telecommunications and media company
dedicated to emerging markets in Latin America and Africa. Millicom sets
the pace when it comes to providing digital lifestyle services to the
world's emerging markets, giving access to the world, primarily through
mobile devices. Operating in fourteen countries, Millicom offers
innovative and customer-centric products. Millicom employs more than
10,000 people and provides mobile, cable, broadband, TV content, online
and financial services to over 50 million customers. Founded in 1990,
Millicom is headquartered in Luxembourg and listed on NASDAQ OMX
Stockholm under the symbol MIC. In 2013 Millicom generated revenue of
$5.16 billion and EBITDA of $1.9 billion.
About Currimjee Jeewanjee Co Ltd
Currimjee Jeewanjee and Company Limited (CJ) established in 1890, is a
leading player in various sectors of the Mauritian economy, being pqrt
of the Currimjee Group. The Currimjee Group is recognised as being one
of most innovative business organisations in the country, with
activities in the telecommunications, media & Information technology,
real estate, hospitality & tourism, energy, food and beverages, and
personal care sectors.
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