Liberia’s smallest operator Libercell is snapped up by Kuwait’s Hits Africa Inc

Mergers, Acquisitions and Financial Results

Hits Africa Inc, a Kuwait based Telecom Company has acquired a majority shareholding in Atlantic Wireless Liberia and its brand Libercell as part of a deal to extend and improve the telecommunication services throughout   the country.

Hits Africa Chief Executive Officer Par Ericksson signed on behalf of his company, while Azzam Shaty signed for the Atlantic Wireless Liberia, and the agreement signing took place in Monrovia last week.

A new Chief Executive Officer of the Atlantic Wireless Liberia Libercell, Bachar Saghir has been named, while Azzam Shaity will now serve as chairman of the Board of Directors.

Under the deal, Hits will invest new capital to upgrade and extend Libercell’s network, helping it reach Liberia’s 3.4 million people more effectively. Bachar Saghir CEO for Libercell stated that are great opportunity to attract higher number of subscribers by implementation of nationwide coverage throughout the 15 counties and reaching 95percent of the population and the expectation that the growth rate will reach 75percent.

Hits Africa, a subsidiary to Hits Telecom Company registered in the stock market in Kuwait and Dubai, has mobile telecom investment in Latin America, Europe, Africa and the Middle East. In Africa, the company is currently operating in Equatorial Guinea, Tanzania, and the Democratic Republic of Congo and now Liberia.