New South African-based telecommunications company to be set up

New South African-based telecommunications company to be set up

Telecommunications, multi-media and information technology (TMT) group company Altech (ALT) and the Econet Wireless Group, an international company with global telecommunications interests in Africa, the United Kingdom and the Asia Pacific region, are to tie up in order to set up a new South African-based telecommunications company initially valued at some one billion rand (US$140 million).

According to The Business Day, the companies announced the venture, which is subject to regulatory and other approvals, on Wednesday.

The newly formed 50-50 joint venture between Altech and TSMI will ultimately take ownership and jointly control all current Econet Group assets, including operations in New Zealand, the United Kingdom, Lesotho, Botswana, Kenya, Zimbabwe and Nigeria.

The new company, (Newco), will have a Board chaired by Altech and a management team led by Econet Wireless, together with Altech, the report added.

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