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Tanzanian billionaire Rostam Aziz and AXIAN Group, a Malagasy-based pan-African conglomerate led by multimillionaire businessman Hassanein Hiridjee, have announced plans to invest Tsh1 trillion ($430.2 million) in MIC Tanzania, which owns Tigo Tanzania Plc and Zanzibar Telecom (Zantel).
Aziz, who is the owner of Tigo and had a net worth of $900 million in 2015, revealed the plans that he and his co-owners have for MIC Tanzania, stating that the consortium will invest to expand the telecom company’s operations, particularly in rural areas, as well as to improve efficiency.
This comes nearly a month after a consortium of investors led by Aziz and AXIAN Telecom jointly acquired Millicom’s merged entity, MIC Tanzania PLC (Tigo Tanzania Plc and Zanzibar Telecom), in Tanzania.
According to a report by The Citizen, Aziz and Hiridjee stated that they will push to strengthen network coverage, particularly in rural areas where there is potential to invest $430.2 million to meet key targets.
“Following decades of experience in this sector, I’m committed to providing valuable strategic guidance and stewardship to Tigo in order to extend access to affordable mobile services and drive digital inclusion across rural Tanzania through significant investment in our telecom infrastructure,” Aziz said.
Hiridjee commented on the proposed capital injection, saying he was pleased to have a local partner in the ownership of MIC Tanzania.
“Our investment into the merged entity will help us fulfill our ambition to be an end-to-end partner in Africa’s digital transformation journey and further accelerate financial inclusion, capitalizing on the success of the company’s mobile financial services to develop bespoke services that meet our customer’s needs,” he said.
