Friday, June 25, 2010

Safaricom Plans Two Acquisitions

Safaricom released a statement today, expressing their intention to acquire ownership of two information communications technology (ICT) companies, namely IGO Wireless Limited and Instaconnect Limited.

This intended acquisition by Safaricom is subject to receipt of shareholder approval at the next Annual General Meeting and to statutory approvals from the Communications Commission of Kenya, the Monopolies and Prices Commission and all other relevant approvals.

IGO Wireless Limited is a licensed Public Data Network Operator engaged in the operation of fixed wireless data services while Instaconnect Limited is licensed as an Application Service Provider engaged primarily in the integration of data solutions.

Both companies are active players in the ICT market and the intended acquisitions are pursuant to Safaricom’s stated strategic objective of enhancing its ability to grow its data business.
Safaricom expects to finalise these acquisitions this financial year.

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