Kenya: Econet finally pays remaining licence fee after finding new local investors

Mergers, Acquisitions and Financial Results

Econet Wireless Kenya looks finally to be going ahead with its Kenya licence after paying the remaining portion of its licence fee and finding new local investors to take a 30% stake in the venture. The firm, which won Kenya’s third national cellular licence in 2003, has paid KES840 million (USD12 million) owing of its total KES1.9 billion licence fee. It has also found two companies to take over the 30% interest previously held by the Kenya National Federation of Co-operatives; Corporate Africa will take a 21% stake while Rapsel will own 9%, Business Daily reports. The remaining 70% is owned by Econet Wireless International.