The government of Zanzibar will retain its 15 percent shareholding in the Zanzibar-based telecom's company. The facility, according to StanChart statement, is one of bank's largest term facilities within the East Africa's telecommunications sector.
Commenting on the transaction, Mr. Sanjay Rughani, incoming CEO for StanChart Tanzania said the bank was pleased to play its part in this landmark transaction to support tele-growth.
"This transaction of $100 million, demonstrates the ability of banks like Standard Chartered to support significant investment in Tanzania," Mr .Rughani said. Over the last five years, StanChart has arranged over 10 billion US dollars worth of loans and facilities to support the growth and development of Africa's telecommunications sector.
Millicom Africa Division's Chief Executive Officer, Ms. Cynthia Gordon, said Zantel will give the firm another channel to extend market-leading mobile benefits to the people of Zanzibar and Tanzania as whole.
"We look forward to working with the government of Zanzibar to create a strong and revitalized Zantel with improved customer experience on voice, data and mobile financial services," Ms. Gordon said.
Zantel has approximately 5.0 percent of Tanzania's current mobile phone market share, and posted gross revenues of $82 million in 2014. Zantel's ownership rights to undersea fiber optic cable capacity, will support Millicom's successful 'Digital Lifestyle' strategy which is centred around enhanced data access.
Millicom is an international telecommunications company offering a range of mobile services, cable TV and broadband across 14 markets in Africa and Latin America. Tigo, entered the market in 1993, it currently supports over 8.0 million customers.
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