Capital leads $62 million investment in Celtel

Celtel International, previously known as MSI Cellular and Africa's leading mobile phone group operating in 12 countries with over 2.5 million customers, has completed a $62 million equity-fund raising programme. A private equity fund managed by Capital International, part of the global Capital Group, was the lead investor contributing some $38 million. FMO, the Netherlands Development Finance Company, with $15 million and Blakeney Management with $9 million were the other major investors. This takes the total equity Celtel has raised for investment in African telecoms to over $300 million.

Mo Ibrahim, Founder and Chairman, commented:

"I am delighted to welcome a prestigious investor of Capital's status and to have further backing from FMO and Blakeney. Capital is the largest private equity investor in emerging markets and their support recognises our success and endorses our strategy, business approach and prospects. Our equity base has been substantial strengthened for the next stage in our development."

Marten Pieters, Chief Executive, added:

"The combination of these additional funds with our pan-African Celtel brand, which we are relaunching today, provides us with an excellent platform for our ambitious plans to grow both organically and by acquisition; to achieve our mission of being the most successful Pan-African telecommunications company."

For more details, please contact: Martin de Koning, Celtel Corporate Communications Director, +31 23 554 2671 or +31 6558 22409, deKoning.M@celtel.com