Friday, September 25, 2009

Malawian Court Allows G-Mobile To Get New Investors

The Commercial Court in Blantyre has ruled that Malawian cellco Global Advanced Integrated Networks (GAIN), which intends to operate under the G-Mobile banner, is allowed to engage Berlyl Capital and Telecoms to invest in its mobile network, reports Nation Online.
Two of G-Mobile's directors, Harris Chinguwo and Ewen Hiwa, sought the court's relief after it reportedly emerged that current investor, Botswana-based Peter Lamplough, did not have the funds to invest in G-Mobile's network rollout. It was also claimed that Lamplough was not cooperative with South African Berlyl, which signed a deal with Chinguwo and Hiwa to buy majority shares in the cellco.
The South African company also inked a USD90 million partnership deal with the cellco in July of this year for the supply, installation and commissioning of its mobile network to enable it to launch Malawi's third wireless service by the end of the year.
Justice Michael Mtambo ruled that the two directors could continue with their agreement with Berlyl, allowing the South African company to buy majority shares in G-Mobile, with Chinguwo and Hiwa holding 5% in the firm. G-Mobile won the tender for Malawi's third wireless operators licence in July 2008, beating rival bids from Global Telecom and Zimbabwe's Econet.
invest up to USD150 million in three years if the conditions are favourable,' he said.

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