PME African Infra - Dovetel transaction
PME African Infrastructure Opps PLC
17 March 2008
PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC
('PME' or the 'Company')
(AIM: PMEA.L; PMEW.L)
PME announces Dovetel transaction
PME African Infrastructure Opportunities plc, the AIM listed fund investing in
infrastructure projects across sub-Saharan Africa, today announced the
completion of an investment in Dovetel (T) Limited ('Dovetel').
Dovetel is a telecommunications start-up based in Tanzania which has received
Ministerial approval on its national licence application to provide
telecommunications services throughout the country. Dovetel will deploy a
fully-converged next generation (3G) network and aims to deliver high quality
broadband, data and voice services throughout the country using a CDMA
* PME has agreed to provide Dovetel with up to US$26 million in financing in
order to roll-out its 3G network platform throughout Tanzania over a two to
three year period.
* PME has acquired a 65% shareholding in Dovetel.
Dovetel has signed a management service contract with TMP Management AS ('TMP'),
which is a Norwegian based spin-off from the multinational telecommunications
giant, Telenor ASA. TMP has a wealth of experience in building and managing
large telecommunication networks in developing countries, particularly in Africa,
and will be responsible for providing all requisite management and technical
Richard Bouma, CEO of PME Infrastructure Managers Limited, commented:
'Dovetel and the relationship with TMP are at the heart of PME's
telecommunication strategy. We believe that Tanzania's continued economic
development and the spectacular growth in mobile penetration rates are
inextricably linked. We are excited to be investing in the next phase of this
growth, which we believe will bring converged IP-based voice, broadband and data
connectivity to a rapidly increasing percentage of the Tanzanian population.'
Principle Capital on behalf of Anne Dalen +44 20 7240 3222
Smith & Williamson Azhic Basirov +44 20 7131 4000
Corporate Finance Limited
Fairfax I.S. PLC James King +44 20 7598 5368
Bell Pottinger Dan de Belder +44 20 7861 3232
On behalf of
Helvetica (Isle of Man)
Company Limited Clara Parisot +41 798 249 788
Note to Editors:
- PME African Infrastructure Opportunities plc ('PME') is a company investing in
sub-Saharan African infrastructure and infrastructure related industries. Its
shares were admitted to AIM in July 2007 raising US$180 million.
- PME was established to invest in sub-Saharan African infrastructure and
infrastructure related industries with a view to generating attractive returns,
principally through capital growth. It is targeting opportunities arising from
years of under investment in sub-Saharan African infrastructure where that
infrastructure will be instrumental in allowing the continent's economic
development to continue to grow.
- The Investment Manager is PME Infrastructure Manager Limited ('PMEIM').
PMEIM is responsible for identifying new investment opportunities.
- PMEIM is a joint venture between Principle Capital Holdings S.A. (AIM: PCX.L),
Unicos Partners LLP (holding company of the Helvetica Group of companies),
Masazane Capital (Pty) Limited and the interests of Richard Bouma, CEO of PMEIM.