Mergers, Acquisitions and Financial Results

Zantel, a cellular phone company has paid TS350 million (US$285,000) to the Zanzibar government as its share of dividend for a two year period from 2005-2007.

Zantel board chairman Salem Sharhan on Wednesday issued a cheque for the dividends to the Zanzibar President Abeid Karume at a colourful ceremony held at the Zanzibar State House.

Sharhan said his company, which began services in Zanzibar in 1999 with about 3,000 customers was now providing services to over 500,000 people and has significantly increased its market share from 2 per cent to about 7.5 per cent.

He assured his customers of improved services, saying that his company was about to reach an agreement with Thuraya Satellite Company, which will enable Zantel access every place in Tanzania and offer high quality services to customers. Sharhan said this was partly in response to the customers` feedback on hiccups experienced when using Zantel services, a problem he believed will be over in three months.