Allied Mobile Africa and PIC sign $55 million funding agreement
Allied Mobile Africa announced today that they have signed a strategic finance and partnership agreement with the Public Investment Corporation (PIC) for debt funding facility of $55 million (approximately R800million). The facility is to drive the company’s growth in South Africa as well as their expansion on the rest of the African continent.
From its inception in 2003 Allied Mobile has grown to be the dominant, cellular product distributor and 3rd-party logistics provider to the mobile telecommunications industry in Africa.
Allied Mobile services a fast-growing mobile communications market in sub-Saharan Africa, which is supported by strong demographic and economic fundamentals. From the provision of full supply chain and logistics services, to full turn-key white-label retail operations enablement, Allied’s market offering and geographical coverage continue to grow as the company leverages favourable market conditions together with its increasing experience, capabilities and relationships. The company is well-positioned to capitalise on associated future opportunities with this new funding from the PIC.
Leveraging its leadership position in South Africa and other existing markets, the Company has been rapidly expanding its presence into a group of high-growth African countries, with sales volumes expecting to grow between 15% and 20% annually. These countries include Mozambique, Namibia, Zambia, Uganda, Rwanda, DRC, Angola, Zimbabwe, Lesotho, Swaziland, Botswana and Kenya.
Source: Press Release