Bloomberg News

Hits Telecom Plans Two Acquisitions in First Half of 2012

December 20, 2011

Dec. 20 (Bloomberg) -- Hits Telecom Holding Company, a Kuwait-based telecommunications provider, plans two acquisitions in the first half of 2012, Chief Executive Officer Par Eriksson said yesterday.

“During the first quarter, we will definitely announce an acquisition in a country in Africa, and then we may announce the second acquisition in another country in the following quarter,” he said in a phone interview from Kuwait City. He did not give any more information.

Hits Telecom may also “close another loan in the beginning of next year” through a combination of local and Asian banks, Eriksson said. The company said on Dec. 5 it has agreed to a 158.8 million-dinar ($43 million) loan from Swiss-based Global Emerging Ltd.

Hits Telecom owns company stakes in Saudi Arabia, Spain, Liberia, Equatorial Guinea, Tanzania and Democratic Republic of Congo, he said.

Related News & Information: TNI TLS AFRICA <GO>

--Editors: Chris Peterson, Alan Purkiss

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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