TEAMS shareholders sign agreement in East Africa
Eleven shareholders in The East African Marine Cable (TEAMS) international undersea cable project have signed an agreement to plough USD110 million into the fibre-optic link, while the Kenyan government has pledged another USD20 million.
The government, Telkom Kenya and Safaricom each hold 20% in the TEAMS project, while Kenya Data Networks and Econet Wireless have 10% each. Other investors include Wananchi Online (5%) and Jamii Telkom (3.75%).
Another five companies plan on buying a 1.25% stake each, while the remaining 5% has yet to be allocated, Reuters reports. The installation of the cable, which will link Mombasa in Kenya to Fujairah in the UAE, is due to begin later this month and is scheduled to be complete by June.