30 November 2012

Namibia: CRAN Approved Telecom-Leo Deal

GOVERNMENT is happy that the deal allowing Telecom Namibia to acquire Leo has finally been concluded, Information and Communication Technology Minister Joël Kaapanda has said.

The Communications Regulatory Authority of Namibia (Cran) approved the take-over on Wednesday.

“We value this acquisition not only based on the net tangible assets, but on what we think eventually it will be worth.

The mobile industry is embryonic, hence its huge growth potential,” Kaapanda said at the signing ceremony Wednesday night.

“The acquisition of Global System for Mobile (GSM) Communications’ network assets will be beneficial to strengthening the overall operational efficiency of Telecom Namibia’s mobile service by providing a better customer service, sustainable growth, competitiveness and innovation into the future”, he added.

Telecom Namibia can now begin to execute its strategy and plans to further improve its value proposition, leveraging the best technologies available to improve services to customers and the general public.

“Just as Leo says ‘Tomorrow starts Today’, Telecom Namibia should start building tomorrow today in order to contribute to the growing mobile population in the country,” Kaapanda said.

He said the deal made by Telecom Namibia is a great opportunity for the company to expand its innovative product offerings for the benefit of its customers, and Namibia at large.

Speaking at the same occasion, Telecom Namibia’s board chairperson Joseph Iita said the company is committed to this investment, and confident of their ability to build value for all stakeholders, including employees, customers and the public at large.

“We have always believed that Leo has the potential, and we are determined to invest in this growth. We do not see this success as a mere acquisition, but rather a long-term investment that will yield returns for the shareholders,” said Iita.

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