PIC backs Allied Mobile in R800m finance deal
Telecommunications company Allied Mobile Africa has signed an R800-million strategic finance and partnership agreement with South Africa’s Public Investment Corporation (PIC), to drive the company’s growth in the country, while also facilitating its expansion to the rest of the continent.
The company had been rapidly expanding its presence into high-growth African countries, including Mozambique, Namibia, Zambia, Uganda, Rwanda, the Democratic Republic of Congo, Angola, Zimbabwe, Lesotho, Swaziland, Botswana and Kenya, with sales volumes expected to grow by between 15% and 20% a year.
“Since these countries are at different economic and technological stages in the development cycle, Allied has to approach these markets with a tailored product offering and a strategy to address specific local needs," Allied Group CEO Jacqueline Cole-Courtney explained.
She added that the company aimed to eventually have a presence in every country in Africa, noting that the PIC funding would help it achieve this.
“Our geographical expansion programme is being conducted in a very cost-effective and efficient manner, as the core operations are run from Allied's existing sub-Saharan Africa offices, which include eight major hubs and four repair centres, with certain central core functions located in a centralised offshore office, which eliminates the need to duplicate functions," said Cole-Courtney.
PIC CEO Dr Daniel Matjila highlighted that communications would remain an important element for the economic growth of any country. “We are, therefore, happy to provide funding that seeks to unlock economic potential of countries in which Allied Mobile Africa operates,” he added.
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