Millicom has sold its 50% stake in Mauritius operator Emtel to its business partner Currimjee Jeewanjee.
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. The firm will remain a close collaborator through the Business Support Agreement it has with Emtel.
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 perspective of the company, the telecommunications and media sectors, and of the Mauritian economy.”
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.”
