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MTN announces private placement in Zambia

By Michael Malakata , IDG News Service , 08/20/2008

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Mobile operator MTN has announced that it will allow Zambian institutions to become shareholders in the company through a private placement in order to deepen the company's roots in the country.

The company will off-load its shares to Zambian institution investors to broaden the ownership of the company in the country, said MTN Zambia CEO Per Eriksson.

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Customers can soon expect to see the roll out of products and services to 80 percent of the Zambian population, both in rural and urban areas, Eriksson added.

"MTN's aggressive capital investment has seen the coverage grow to provide easy access services to many Zambians," he said.

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The company is currently working on building and upgrading switches in many Zambian provincial town centers in order to increase the company's network coverage and enhance communication.

MTN Zambia is owned by MTN International, a South African telecom company with a presence in 21 countries in Africa and the Middle East.

The IDG News Service is a Network World affiliate.

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