Middle East & African Investment Company (MEAIC) through its company HiTs Telecom Uganda has been awarded a Public Infrastructure and Public Service Provider’s License by the Ugandan Authorities which qualifies it as the 4th National Phone Network Operator in Uganda (alongside MTN; UTL; and Celtel;)
The move, with the initial investment of US$150 million, creates a substantial leverage into Uganda’s telecom.
Funding is from ‘blue-chip’ Investors both institutional and individuals based in GCC and the UK. All funds for the venture are equity based, without any debt borrowings.
Mr. Edwin Rowell, the Chief Executive Officer of Hits Telecom Uganda commented: “We have ambitious plans to penetrate the local telecom market and shall install a state of the art network of which will improve the quality of service to the Ugandan consumers. We forecast a rapid growth of country’s telecom sector and we are committed to exceed the expectations of our customers”.
There are about 2.5 million mobile subscribers in Uganda now with MTN's share of the market standing at about 1.5 million, Celtel 0.4 million and UTL 0.7 million. According to Hits Telecom's estimates, competition is expected to shake up the existing market share with the number of subscribers will doubling within the next five years.
Among Hits Telecom’s immediate expansion plans for the Ugandan market is to increase the network capacity and linking it to national fiber backbone presently being constructed; introduce innovative services for both corporate, youth and retail market segments; extend coverage to the outlying rural areas; and offer of real quality customer service.
