Malagasy tycoon Hassanein Hiridjee raises $158.3 million from JP Morgan

Axian Telecom, a subsidiary of Axian Group which is controlled by Hassanein Hiridjee, has obtained a loan totaling $158.3 million from the U.S. bank JPMorgan Chase Bank N.A to support its operations in Tanzania and Madagascar.

Both parties entered into a term loan agreement on July 19. The transaction was disclosed in Axian Telecom’s financial results for the second quarter of 2023.

The financing consists of two facilities. It is expected to enable Axian Telecom to repay past investment expenses and efficiently fund future investment expenditures required to complete its network modernization programs in Tanzania and Madagascar.

The network modernization undertaken by Axian Telecom in Tanzania and Madagascar is deemed necessary due to the increasing demand for high-speed connectivity in these two countries.

In March, the company signed a partnership agreement with Ericsson for the modernization of the telecom networks of Telma Madagascar and Tigo Tanzania. In addition to modernizing and expanding the 4G network, the two partners have launched 5G in Tanzania.

These various initiatives are expected to allow Axian Telecom’s two subsidiaries to strengthen their positions in their respective markets.

In Madagascar, Telma competes in the national telecom market with Orange.

As for Tigo Tanzania, it competes with TTCL, Halotel, Vodacom, and Airtel.