IHS Towers together with Egypt Digital Company for Investment SAE, the largest shareholder of Egypt Towers for Technology Services Company, have applied for a licence from Egypt's National Telecom Regulatory Authority (NTRA) to undertake this towers collaboration.
The agreement was signed in the presence of Dr. Amr Talaat, Minister of Communications and Information Technology.
“I am delighted to announce IHS Towers’ partnership with the Egypt Digital Company for Investment to enter the Egyptian telecommunications market. IHS Towers is committed to delivering critical telecommunications infrastructure to the emerging markets, and this partnership is an exciting development as we continue to pursue our strategic growth ambition," said Sam Darwish (pictured), chairman and chief executive officer of IHS Towers.
"With an established presence in five African markets, and two decades of experience operating on the continent, I am confident in our ability to support the rapidly developing Egyptian telecommunications market. By partnering with the Egypt Digital Company for Investment, we intend to leverage their extensive market knowledge and capitalise on our own innovative operating capabilities to facilitate a broad range of telecommunication solutions in Egypt.”
Once completed, the two will create a new company, to be called IHS Telecom Towers Egypt SAE, with IHS Towers holding an 80% stake of the new entity, and Egypt Digital Company for Investment holding the remaining 20%.
In addition, the consortium expects to completed process of becoming licensed by NTRA, by the end of w/c 4 October 2021.
Through this partnership, the consortium aims to meet the growing need for wireless telecoms towers across the Egyptian market, to help achieve the national coverage plan and construct new towers in accordance with the work plan and the relevant license requirements.
Under the license, up to 5,800 towers will be built during the first three years of the license term, with the potential to acquire wireless telecoms towers owned by third parties to use them to provide the services as specified by the license.
In related news, earlier this week IHS Holding shared the terms of its Nasdaq listing, with the current price expected to land between $21 and $24 per share.
