KENYA’S CO-OP SOCIETIES LIKELY TO FUND LOCAL INVESTMENT IN 3RD MOBILE CO

Mergers, Acquisitions and Financial Results

The local shareholder in the third Kenyan mobile operator, will formally seek funding from Kenya’s co-operative societies. Kenya National Federation of Co-operatives owns 81 per cent of Econet Wireless Kenya, which was recently awarded Kenya’s third mobile phone license by the government.

The federation is sending a team from Ushirika Communications Limited a company it incorporated to sell its investment plan - to meet the leaders of various co-operatives around the country. In a notice placed in the ‘Nation’ last week, Ushirika said that its team will visit Central, Western, Rift Valley, Nyanza, Eastern and Coast provinces.

The Federation of Co-operatives owns 81 per cent of Econet Wireless Kenya. Econet Wireless International holds 10 per cent with Corporate Africa and Rapsel Limited holding 4.5 per cent apiece.

The Ushirika team includes the federation, Co-operative Bank, Kenya Union of Savings and Credit Organisations, Co-operative Insurance Company, Kenya Union of Rural Saccos, Kenya Planters’ Co-operative Union and Nairobi City House Union.

The Nation