By Steven Odeu
CELTEL, one of Africa’s largest and fastest growing mobile-phone companies is preparing to float $2b worth of shares on the London stock market.
According to The Sunday Times, Celtel, which is based in Netherlands, has already appointed Goldman Sachs and Citibank to advise on the listing, which has been approved by the board.
Reports from London say the listing could be early next year.
Celtel, Africa’s third largest mobile-phone company, intends to issue about 25% of its shares.
The firm, which had revenues of $446m last year, has 14 operations in 12 African countries including Sudan.
The floatation is expected to make many of the group’s African workers paper millionaires.
Early this year, Celtel invested $250m in Kenya to acquire a 60% majority stake in KenCell Communications, a leading mobile operator in Kenya.
Celtel’s major external shareholders include CDC Capital Partners and WorldTel Africa.
Telecom analysts say despite the economic risks, Africa’s mobile market has a huge growth potential.
In the past five years, it has grown by 1,000%, but compared to the world average of 19%, penetration is at over 2%
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