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FINANCIAL NEWS
Kuwait’s Hits Telecom invests $17m in Libercell
04 Nov 2010
(MENAFN) Hits telecom holding declared that it acquired, through its branch Hits Africa, 55 percent of stakes of the Atlantic Wireless Liberia and Libercell, one of four telecommunication companies in Liberia, for $17 million, Kuna reported.
Hits said in a statement that the accord envisaged that funding be provided to cover the whole market in Liberia.
The company plans to offer new services in western African, it said, noting that projected costs for upgrading the network there would amount to $50 million.
For his part, the CEO of Hits in Africa, Bashar Al-Saghir, said the telecom market in this country is very lucrative and can absorb new investments.
Hits Africa has operational services in Equatorial Guinea, Tanzania and Liberia.
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