Expresso Ghana sale concluded

Sudatel Group, owners of Expresso Telecoms operations in Africa have announced that the sale of Expresso Ghana was concluded in the second quarter (Q2) of this year.

Without naming the buyer, Sudatel said on its website “selling of shares in Ghana operation was concluded in Q2 2014”.

The revelation was contained in a statement announcing Sudatel’s half year performance.

Between April and December last year, the company had exclusive sales negotiations with Ghana’s Jospong Group of Companies, but the deal fell through at the last minute (January 31, 2014) due to conflict of interest.

Jospong is the mother company for Subah Infosolutions Limited, a company which audits telcos in Ghana, so it cannot legally buy a telco in Ghana.

Expresso Ghana’s Managing Director, El Amir Ahmed El Amir told Adom Business then that the company had several interested buyers, so once the Jospong deal was off, the company was back on the market.

Meanwhile Sudatel reported strong performance in the first half of 2014 compared to the same period the previous year.

It finished the period with 11.2million customers, net income of US$28million, EBITDA stood at US$75million (17% higher than last year’s), and consolidated revenue of US$233million.

Meanwhile, earnings per share (EPS) grew from US$0.003 last year to US$0.024 this year.

It however recorded a US$10million loss due to foreign exchange losses in home country, Sudan. But it managed to reach various agreement to invest 20million euros in its operations in Guinea, Conakry.

Source: Adom News