Dahabshiil denies Telcom Somalia takeover speculations

Mergers, Acquisitions and Financial Results

Dahabshiil Group, a leading remittance company in East Africa, officially denied rumours on Sunday that it has purchased a majority stake in Telcom Somalia.

The chief of media relations and public information, Hassan M. Jama “Heiss”, said he was “pleasantly surprised” with the news, flatly denying the acquisition.

“Lately, the Somali media have been circulating various versions of Dahabshiil’s takeover of Telcom Somalia and that their staff have been laid-off,” he said in a statement.

“Dahabshiil wants to make crystal clear that these rumours are far-fetched, preposterous and far from the truth. Dahabshiil has no affiliation nor interest in the affairs of Telcom Somalia,” he said.

Hassan furthermore stated the company was committed to making a real and sustainable difference to communities in need.

“The community has known Dahabshiil for its customer-focused-service, trustworthiness, and its commitment to wide range of community programs,” Mr. Heiss stated.

He finally said that Dahabshiil stands ready lend a supporting hand through a wide range of initiatives, to communities wherever they might be.

From its humble beginning as a small funds transfer company in Burao, Dahabshiil has evolved into an international success story – operating in 144 countries, with over $300 million annual revenue just 40 years after its inauguration by Mr. Mohamed Saeed Duale.

With strong roots in its native Somaliland, Dahabshiil operates 24,000 branches worldwide and over 2,000 staff.

Telcom Somalia is regarded as the oldest telecommunication service operator in Somalia and controls about 34 percent of the market. It provides wireless services including mobile and internet and local and long distance telephone.