Wananchi Group secures $0m expansion capital

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Wananchi Group secures $130m expansion capital --

Tue, 07 Oct 2014 13:11

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The Wananchi Group, which owns Zuku Fiber, Zuku pay TV and Simbanet business services brands, established itself in Nairobi, Kenya six years ago. On 6 October the company announced it had secured $130 million which would go towards expansion in East and Southern Africa. The capital investment was co-led by existing Wananchi shareholders including Altice SA, Liberty Global, Emerging Capital Partners (ECP) and ATMT, and new investors, Helios Investment Partners.

Richard Bell, vice chairman of Wananchi said, We will continue the deployment of Fiber to the home networks in more cities in East Africa and extend our business services networks and product offerings across a wide variety of geographies and market segments. With our stronger balance sheet we will also invest in exciting new technologies and service platforms to improve the quality of our products and deliver a superior experience for our customers.

Richard Essex, a partner at shareholder East Africa Capital Partners (EACP), added, We also owe a huge debt of gratitude to the US-government s Overseas Private Investment Corporation who has committed significant capital to support the ongoing growth of the business since Wananchi was established.

Dennis Aluanga, a partner at Helios, commented We believe this capital injection will enable the Wananchi Group to extend the coverage of its infrastructure as well as build upon its strong broadband-led triple play product offering, including direct to home satellite products to many more tens of thousands of consumers across the greater Eastern Africa region and beyond.

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