26 °C Accra, GH
November 13, 2019

AI TECHNOLOGY SECURES 84.51% STAKE IN BUSYINTERNET GHANA

Ghanaian-incorporated company, AI Technologies has acquired 84.51% stake in 4G LTE mobile broadband network operator, BusyInternet Ghana, a subsidiary of Afrimax, a 4G-LTE telecommunications operator in sub-Saharan Africa.

AI Technologies is a subsidiary of ZFJ Investments, a Dubai-headquartered mobile device distributor/manufacturer operating across nine African countries.

Javed Muhammad, CEO ZFJ Investments Dubai says this was a strategic acquisition given Ghana’s telecom and IT Ecosystem, “We are confident we will be able to provide top of the line products and services to our customers and value to our shareholders.”

Amit Gaur, CEO, AI Technologies said, “We are happy to be part of Busy and its success in the Ghanaian market. We will be investing resources and funding to take this very popular local brand to the next level.”

Lars Stork, Group CEO of Afrimax added, “The successful sale of our business in Ghana is in line with our restructuring strategy aimed at building a next-generation 4G business in Africa.

Stork told ITWeb Africa that BusyInternet only exists in Ghana, but “should there be any more restructuring, this will be communicated. Until then the Afrimax Group is focused on its core market. At present, we will continue to focus on our existing portfolio of markets. Our strategy remains unchanged – to be the #1 next-generation 4G operator on the continent. This is being moulded further by our restructuring and reorganising.”

The company says it has an existing 4G License footprint covering 12 African countries, representing a population under license coverage of 250 million, with further Licenses being acquired.

Afrimax has established a strategic partnership with Vodafone in several markets in Africa, including in Zambia for the provision of data and fixed internet services.

Vodacom said the partnership will offer customers high speed 4G data services using the Vodafone Zambia brand.

By Masibulele Lunika

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