12 Feb Ghana: Afrimax Group sells BusyInternet Ghana
Afrimax Group has completed the sale of its 84.51% stake in 4G LTE mobile broadband network operator BusyInternet Ghana to a Ghanaian-incorporated company, AI Technologies, itself a subsidiary of ZFJ Investments, a Dubai-headquartered mobile device distributor/manufacturer operating across nine African countries. Afrimax disclosed in a press release that the sale forms part of its group strategy aimed at reorganising its corporate structure to enable it to focus on commercial and financial priorities in its key markets. Afrimax has a 4G licence footprint covering twelve African countries, representing a population under licence coverage of around 250 million.
Lars Stork, Afrimax Group CEO, commented: ‘The successful sale of our business in Ghana is in line with our restructuring strategy aimed at building a next-generation 4G business in Africa … We are confident that AI Technologies will build on the strength of BusyInternet and enhance the services provided to customers.’
Javed Muhammad, CEO of ZFJ Investments, declared: ‘This was a strategic acquisition given Ghana’s telecom and IT ecosystem and we are confident we will be able to provide top of the line products and services to our customers and value to our shareholders.’ Amit Gaur, CEO of AI Technologies, added: ‘We will be investing resources and funding to take this very popular local brand to the next level.’
According to TeleGeography’s GlobalComms Database, Busy launched TD-LTE data-only mobile network services in January 2016, a year after Afrimax Group came on board as its main investor, initially covering Accra and Tema, before expanding to other locations including Kasoa and Prampram.