Tingo Eyes $25m Deal For 51% Stake In Nigerian Telco
Indigenous phone maker, Tingo Mobile has expressed interest in acquiring a 51 percent stake in Lagos-based Mass Telecom Innovation Nigeria Plc (MTI) for $25 million as it bids to develop rural broadband technology in Nigeria.
Once purchased, MTI will be rebranded but will remain listed on the Nigeria bourse, Dozy Mmobuozi, Tingo’s CEO told Journalist this week. Mmobuozi said the acquisition will help MTI reach out to the mass market.
A significant portion of Nigeria’s 170 million population still reside in rural settlements.
According to London-based Research Company Informa Telecoms & Media, Nigeria’s mobile subscription is expected to reach 200 million by 2017; an 18 percent increase from the 169 million mobile-phone subscriptions recorded by the country’s telecommunication regulatory body.
In February, Tingo announced plans to launch six products line by the middle of this year, which will be pre-installed with over 20 unique and indigenous economy-oriented apps. This will include sectors such as agriculture, insurance brokerage, airtime resell, commodities trading platform, health and maternity, security, messaging etc.
The company will also be producing GPS tracking systems and mobile point-of-sale devices, while expanding its Internet-based services business.