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Investcom LLC (INVT)

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Monday 10 April, 2006

Investcom LLC

Investcom LLC FY05 Results

Investcom LLC
10 April 2006

For immediate release



                    INVESTCOM REPORTS FULL YEAR 2005 RESULTS


Dubai, UAE, 10 APRIL, 2006 - Investcom LLC (Ticker: INVT), the international
mobile telecommunications company, today announced its preliminary financial
results for the year ended 31 December 2005.  Financial Statements have been
prepared in accordance with International Financial Reporting Standards (IFRS),
but are as yet unaudited.


Full year 2005 highlights include:


-         Total mobile subscribers up 91 percent on 2004 to 4.9 million

-         Gross operating revenues reached US$903 million, an increase of 43%
          percent on 31 December 2004

-         EBITDA reached US$396 million, a year-on-year increase of 42%

-         EBITDA margin for the year ended December 31, 2005 was 44%

         Net profit for the year ended December 31, 2005  up 31%1
         year-on-year to US$207.8 million


1 Excludes the positive effect in net profit in 2004 from a one-off gain of
US$7.1 million resulting from the disposal of Mobinvest.



Chairman's statement



Commenting on the full year results, Mr. Taha Mikati, Chairman of Investcom,
said:





'It is my pleasure to report on a year of record achievement and one that has
been a milestone in the evolution of our company.   In 2005, we made significant
progress in our mission to be a leading international telecommunications company
in each of the markets in which we operate. This is especially the case for our
mobile telecommunications business in the regions of Asia, Africa, and Europe
where we are already demonstrating a strong competitive advantage.



'The expansion of our subscriber base has translated into very strong financial
performance for the year.  Investcom's revenues have grown rapidly, reaching
US$903 million, up 43% on the previous year.  More importantly we continue to
improve profitability, with EBITDA of US$396 million for the full year 2005, and
a net profit of US$207.8 million.  Many of our operations were EBITDA and net
income positive in their first year of operation and improving on this level of
profitability is something our management team continues to be highly focused
on.



'Growth also continued geographically.  Our strategy has always been to target
telecommunications markets that are under-penetrated and which we believe
represent exciting, high growth opportunities.  In September, we were awarded
one of two new licenses to operate GSM services in Afghanistan, a country with
an approximate population of 30 million and very low mobile penetration, which
is clearly in a crucial stage of infrastructure development.  But, one which
represents a large market opportunity for us.



'At the same time we extended our coverage in West Africa with a new license to
build and operate a GSM network under the Areeba brand in Guinea, a country with
an approximate population of 10 million, where mobile penetration growth is
already outpacing that of fixed line telecommunications, as consumers opt for
the cost and convenience of mobile connectivity.



'The build-out in both of these territories is well underway and we remain on
track to launch commercial services in both Guinea and Afghanistan during the
first half of 2006.  These new operations have boosted Investcom's licensed
population coverage to 147 million, in ten countries.



'Another exciting market opportunity is Sudan, with its large population and
sizeable, flat land mass.  In July 2005, with the high-profile commercial launch
of services under our Areeba network, we became the second mobile phone operator
in Sudan.  By the end of 2005, after just five months of operation, we have
already added 268,517 subscribers; an immense achievement in the timeframe.



'Our ability to upgrade our technology and launch multiple services so rapidly
is evidence of how Investcom is beginning to deliver the advantages of scale and
scope and, in particular, shows the breadth of our operational and technological
expertise across emerging and high growth telecommunications markets.'





Summary

Investcom is a fast-paced, international telecommunications company with
operations in ten countries in Asia, Africa, and Europe.



Beginning in the 1980s with the launch of the first mobile network in Lebanon,
it has worked to expand our telecommunications portfolio to become one of the
leading operators in some of the most exciting, high-growth telecommunications
markets in the Middle East and Africa.



Investcom owns and operates GSM networks, mostly under the AreebaTM brand, in
Syria, Ghana, Yemen, Benin, Liberia, Cyprus, Guinea-Bissau and Sudan and has
also recently been awarded GSM licenses to build and operate mobile networks in
Afghanistan and Guinea.  This expands our operations to ten countries and boosts
the combined population we have under license to approximately 147 million.
While still at single digit mobile penetration rates, many of Investcom's
operating countries have seen dynamic growth in the number of mobile users over
the last few years, with more and more people becoming 'mobile' on a daily
basis.



Investcom also provides international carrier services, principally through its
operations in Monaco, fixed telephony services in the United Kingdom and
telecommunications engineering and consulting services.



In constantly expanding its international portfolio into new territories,
Investcom seeks to leverage its experienced management team and track record of
developing and operating mobile telecommunications businesses.  The result is a
diverse revenue base, drawn from strong customer demand and loyalty, which,
because of strict financial planning and controls, it is able to operate on a
profitable basis.





Operational highlights

As one of the leading international providers of mobile telecommunications
services in Asia, Africa, and Europe, we have experienced a significant growth
in our subscriber base during the last twelve months. The demand for
telecommunications services is high in these developing countries and, as we
pointed out overleaf, fixed line infrastructure is, in most cases, limited.
Waiting times for fixed-line connections can sometimes extend to a number of
years.



We believe that mobile networks represent a cost-effective alternative to
fixed-line networks, but in many instances mobile services are being made
accessible to large parts of local populations for the first time.



As at December 31, 2005, we had a total of 4.9 million customers, compared to
2.5 million on December 31, 2004, representing a rise of 91%.



Growth in the number of our customers and their volume of usage during the
period under review has contributed to higher revenues and profits. As at
December 31, 2005, we already recorded a total population under license across
eight countries of operation of 107 million and are now working hard to reach
our deadline for the launch of commercial services for our newest mobile
operations in Guinea and Afghanistan during the first half of 2006.  This will
expand our population under license to 147 million.



While the number of mobile telecommunications customers in most countries in
which we operate mobile networks has grown rapidly during 2005, overall mobile
penetration remains low.




                                             Total Subscribers
                                            2004          2005      % change

Syria                                    870,517     1,465,470           68%
                       Pre-paid          450,347       944,660          110%
                      Post-paid          420,170       520,810           24%
Ghana                                    955,311     1,819,646           91%
                       Pre-paid          942,947     1,807,682           92%
                      Post-paid           12,364        11,964           -3%
Yemen                                    441,239       824,846           87%
                       Pre-paid          384,683       769,689          100%
                      Post-paid           56,556        55,157           -2%
Benin                                    172,966       267,583           55%
                       Pre-paid          171,434       265,607           55%
                      Post-paid            1,532         1,976           29%
Liberia                                   82,186       108,997           33%
                       Pre-paid           82,186       108,997           33%
                      Post-paid                -             -             -
Cyprus                                    17,737        64,591          264%
                       Pre-paid           14,133        55,889          295%
                      Post-paid            3,604         8,702          141%
Guinea-Bissau                             10,510        44,100          320%
                       Pre-paid           10,510        44,100          320%
                      Post-paid                -             -             -
Sudan                                          -       268,517           n/a
                       Pre-paid                -       266,355           n/a
                      Post-paid                -         2,162           n/a

              Total subscribers        2,550,466     4,863,750           91%
     Total pre-paid subscribers        2,056,240     4,262,979          107%
    Total post-paid subscribers          494,226       600,771           22%


As at December 31, 2005, approximately 87.6% of our managed customers were
pre-paid customers, compared to 80.6% as at December 31, 2004. Pre-paid services
are, in our view, more appropriate for the cash economies in the countries in
which we operate and our customers feel more comfortable with paying small
incremental amounts in the form of top-up fees, rather than facing a large
initial payment or monthly fees.



Financial Review





Gross Operating Revenues

While the results of operations during 2005 have been positively affected by the
launch of new operations and should be taken into account when comparing our
results with previous years, we have also experienced strong organic growth of
our existing operations.



The increase in our mobile customer base and increased mobile usage, combined
with increased international carrier traffic resulted in gross operating revenue
growth for the twelve months ended December 31, 2005 of 43% from US$633 million
for the same period in 2004 to US$903 million.



Gross operating revenues comprise revenues from mobile telephony services,
including sales of handsets, international telephony services, including
international carrier and fixed telephony services, and engineering and other
services, but do not include our share of revenues from Spacetel Yemen, which we
account for under the equity method of accounting and is reflected in our share
of results of associates.



Gross operating revenues from mobile telephony are the main component of our
gross operating revenues, representing 90% in 2005, compared to 87% in the same
period in 2004. Revenues from international telephony, including international
carrier and fixed telephony services, and engineering and other
telecommunications services to third parties represented 10% and 13%,
respectively.





Mobile telephony

Revenues from mobile telephony include revenues generated by our mobile
operating companies from mobile calls, interconnect charges and roaming, as well
as a small amount of revenues from sales of handsets as part of promotional
packages.



Gross operating revenues from mobile telephony were US$816 million in the year
ended, December 31, 2005 compared to US$551 million in 2004, which represented
an increase of 48%.   The increase in our consolidated gross operating revenues
from mobile telephony was principally the result of growth in our mobile
customer base and in network usage by our customers over the period under
review.


                                          Gross operating revenues (US$ in millions)
                                                  2004                2005            % change

Syria                                            319.0               399.6                 25%
Ghana                                            181.2               323.9                 79%
Yemen                                             92.5               104.7                 13%
Benin                                             27.7                37.7                 36%
Liberia                                           26.7                27.5                  3%
Cyprus                                             2.6                21.1                705%
Guinea-Bissau                                      1.0                 6.1                545%
Sudan                                                -                20.5                  NA





While our customer base and usage are increasing as our operations grow, this
has had some negative effect on the overall monthly average usage per customer
as penetration increases among lower spending customer segments.



Average Revenue Per User (ARPU) is calculated as total yearly revenue less
connection fees divided by average yearly subscribers.  For 2005, the
accelerated growth we experienced during the month of December is important to
consider, as the new subscribers may not have had the time to consume during the
full month and such a rise in subscribers distorts the yearly average.


                                                      Monthly ARPU US$
                                                   (average for the year)
                                                 2004                   2005

Syria
                              Pre-paid           27.6                   18.6
                             Post-paid           39.4                   36.9
Ghana
                              Pre-paid           17.7                   17.7
                             Post-paid           92.7                   130.1
Yemen
                              Pre-paid           16.0                    8.6
                             Post-paid           39.5                   26.7
Benin
                              Pre-paid           12.3                   11.7
                             Post-paid           83.7                   73.1
Liberia
                              Pre-paid           36.0                   26.8
                             Post-paid           n/a                     n/a
Cyprus
                              Pre-paid           20.0                   22.5
                             Post-paid          111.3                   92.6
Guinea-Bissau
                              Pre-paid           18.4                   16.8
                             Post-paid           n/a                     n/a
Sudan
                              Pre-paid           n/a                    18.7
                             Post-paid           n/a                    189.0



International and fixed telephony

International and fixed telephony includes revenues from international carrier
services generated by our international carrier businesses, Med Net and Spacetel
Africa, and from fixed telephony services generated by our UK fixed telephony
subsidiary, Spacetel UK.



Gross operating revenues from international and fixed telephony were US$ 81.3
million in the twelve months ended December 31, 2005, compared to US$79.2
million in 2004, which represents an increase of 3%.



The contribution to consolidated revenues from international and fixed telephony
has declined during the course of 2005, representing 9% of our consolidated
gross operating revenues in the year ended December 31, 2005, compared to 13% in
2004.  Declining tariffs for international traffic, in line with trends in the
international carrier market, partially offset an increase in international
traffic volumes carried by Med Net.  As a result gross operating revenues from
international carrier services increased by 3% to US$79.4 million in the year
ended December 31, 2005.   Declining fixed telephony tariffs in the UK and a
fall in traffic volumes have resulted in a decrease in gross operating revenues
from fixed telephony of 8% to US$2 million in the year ended December 31, 2005
as compared to US$ 2.2 million in the year ended December 31, 2004.





Other services

Other services comprise revenues from the provision of engineering and
consulting services, including technical assistance in connection with network
design and construction, and various other telecommunications services to third
parties.



Gross operating revenues from other services were US$5.5 million in the year
ended December 31, 2005, compared to US$2.2 million in the same period in 2004,
which represented an increase of 158%. This increase was mainly due to the
acquisition of Inteltec in April 2005. Inteltec contributed US$1.6 million to
our consolidated gross operating revenue for the year ended December 31, 2005
for which it was consolidated.





Gross Operating Costs

Our business has grown rapidly, however, we have worked hard to contain costs
and ensure that they are consistent with the percentage increases in our
customer base.  We are keen to maintain the profitability of each of our
operating companies and will continue to keep a strict control on costs and have
maintained a gross margin of 60% for the year ended December 31, 2005.



Gross operating costs for the year ended December 31, 2005 were US$359 million,
compared to US$252 million in 2004, representing an increase of 42% in line with
the increase in gross operating revenues.



The components of our gross operating costs are cost of cards (SIM and
recharge), cost of handsets, commissions, cost of mobile interconnection,
revenue sharing, spectrum frequency and technical costs, cost of international
carrier interconnection, site costs and other costs.





EBITDA

EBITDA for the year ended December 31, 2005 reached US$396 million, a
year-on-year increase of 42% compared to December 31, 2004.


                                Consolidated EBITDA (US$ millions)
                                    2004          2005          % change

Syria                              109.1         134.3               23%
Ghana                              109.9         186.2               70%
Benin                               13.1          18.7               42%
Liberia                             14.7          11.9             (19)%
Cyprus                             (8.0)         (9.0)             (12)%
Guinea-Bissau                      (0.7)           1.7               n/a
Sudan                              (1.8)        (11.2)               n/a
Guinea                                 -         (0.7)               n/a
Afghanistan                            -         (0.2)               n/a
Other                               42.6          64.1               51%

Total                              278.9         395.8               42%




Investcom's consolidated EBITDA margin for the year ended December 31, 2005 was
44%, equal to that achieved during the same period in 2004.





Share of results of associates

Our share of results of associates in the year ended December 31, 2005 was US$16
million, compared to US$10 million in the same period in 2004, representing an
increase of 69%. The increase in our share of results of associates mainly
reflects an increase in our ownership of Spacetel Yemen.



In the year ended December 31, 2005, Spacetel Yemen had gross operating revenues
of US$104.7 million, compared to US$92.5 million in 2004.   Spacetel Yemen had
EBITDA of US$54.5 million and net profit of US$41.2 million in the year ended
December 31, 2005, compared to EBITDA of US$52.2 million and net profit of
US$38.5 million in the same period in  2004.





Net profit

Net profit for the year ended December 31, 2005 was US$207.8 million compared to
US$158.2 million in 2004, representing an increase of 31%. This excludes the
positive affect in net profit in 2004 due to a one-off gain of US$7.1 million
resulting from the disposal of Mobinvest.





Net Debt

The group shows a positive cash position of US$143.6 at the year ended December
31, 2005 compared to US$(106.1) million in 2004.





CAPEX

In line with our estimates, total capital expenditure for Investcom's
subsidiaries in the year ended December 31, 2005 was US$257.1 million,
representing an increase of 65%.  This increase was mainly due to strong
subscriber growth and network rollout in Syria, Ghana, Sudan and Guinea.


                                  Capital Expenditure (US$, in millions)
                                                2004                  2005

      Syria                                     78.0                 118.9
      Ghana                                     35.6                  51.6
      Benin                                      4.2                   5.8
      Liberia                                    4.4                   6.8
      Cyprus                                    26.9                   4.0
      Guinea-Bissau                              5.3                   0.6
      Sudan                                      0.2                  52.4
      Guinea                                       -                  12.0
      Afghanistan                                  -                     -
      Other                                      1.6                   5.0
      Total                                    156.2                 257.1



Outlook



Commenting on the outlook for 2006, Azmi Mikati, Chief Executive Officer, said:



'We expect the markets of Asia, Africa, and Europe in which we operate to
continue progressing in terms of both economic development and the strong growth
in the number of people accessing mobile phone networks for the first time.  We
see penetration levels across the region following their recent impressive
trends, to keep on rising across the ten markets Investcom is present in.



'We also expect usage patterns for our existing subscribers in the region to
rise, as existing subscribers use their mobiles more and more, as has been seen
in both developing markets as well as developed markets.



'It is our aim to maintain our position as a leading operator in each of our
existing markets and ensure that we leverage our unique experience in the region
to strengthen our position across the group.



'Finally, in terms of non-organic growth, Investcom will continue to look at
interesting opportunities which we feel will add value to the group.  2006 will
see a number of licenses being sold in countries across Asia, Africa, and
Europe, and there is expected to be some industry consolidation.  We will take
all of these opportunities very seriously and consider those that will enable us
to continue our course of strong, profitable growth.'




Investcom LLC (Formerly Investcom Holding (Luxembourg), S.A.)

CONSOLIDATED INCOME STATEMENT
Year ended 31 December 2005

                                               2005                         2004                                        
                                                US$                          US$
                                                                                                                        
                                                                     

Gross                                   903,325,146                  632,797,411
operating revenue

Gross                                 (358,561,433)                (252,008,524)
operating costs

GROSS PROFIT                            544,763,713                  380,788,887

Other                                     1,850,169                    1,420,384
operating income

General and                           (147,480,787)                 (99,152,306)
administration expenses

Depreciation,                         (116,788,205)                 (57,835,695)
amortization and goodwill
written off

Provisions for                          (3,186,494)                  (4,104,868)
doubtful receivables

Doubtful debts                            (142,063)                     (31,961)
written off

PROFIT FROM                             279,016,333                  221,084,441
OPERATIONS

Finance                                   9,799,937                    4,316,895
revenue

Finance costs                          (19,725,552)                  (9,864,585)

(Loss) gain on                          (2,103,596)                      222,599
exchange

Share of                                 16,259,022                    9,637,107
results of associates

Provisions                              (7,386,589)                            -

Net (loss)                                (103,945)                    5,237,619
gain on sale
of investment
in subsidiaries

Negative                                 1,543,101                             -
goodwill arising from
acquisition of subsidiaries

Gain on sale                               82,370                         50,538
of held for trading
securities

PROFIT BEFORE                         277,381,081                    230,684,613
TAXATION

Income tax                           (69,544,135)                   (65,399,307)
expense

PROFIT FOR THE                        207,836,946                    165,285,306
YEAR

Attributable to:

Equity holders                        195,876,476                    148,094,803
of the parent

Minority                               11,960,470                     17,190,503
interests

Basic earnings                               0.16                           0.12
per share


Investcom LLC (Formerly Investcom Holding (Luxembourg), S.A.)

CONSOLIDATED BALANCE SHEET
At 31 December 2005
                                             2005                           2004
ASSETS                                        US$                            US$

Non current assets
Intangible                            348,984,045                    267,474,664
assets

Property,                             420,423,953                    281,310,052
plant and equipment

Investments                            58,602,189                     41,308,178
in associates

Long term                                  78,027                         81,197
accounts receivable

Available for                              80,208                        662,860
sale securities

                                      828,168,422                    590,836,951
Current assets

Inventories                             4,762,553                      4,676,593

Accounts                              166,479,076                    111,202,195
receivable and
prepayments

Held for                                2,601,543                      1,424,389
trading securities

Bank balances                         450,619,409                    116,210,871
and cash

                                      624,462,581                    233,514,048

TOTAL ASSETS                        1,452,631,003                    824,350,999

EQUITY AND LIABILITIES

Capital and reserves

Share capital                          66,427,428                     20,000,000

Share premium                         296,737,327                              -

Statutory                               2,000,000                      2,000,000
reserve

Foreign                               (4,987,308)                    (6,660,519)
currency translation
reserve

Retained                              206,159,799                    113,064,996
earnings

Result for                            195,876,476                    148,094,803
the year

Attributable                          762,213,722                    276,499,280
to equity holders of
the parent

Minority                              133,863,147                    118,903,906
interests

Total equity                          896,076,869                    395,403,186

NON CURRENT LIABILITIES

Provisions                                539,253                         81,398

Long term                              93,926,479                     68,039,630
accounts payable

Term loans                             71,899,256                     15,832,310

Deferred                               15,537,947                     15,371,030
income tax liability

                                      181,902,935                     99,324,368

CURRENT LIABILITIES

Accounts                              179,823,986                    134,532,038
payable and accruals

Taxes payable                          21,892,541                     37,075,365

Bank                                   74,756,019                    106,763,912
overdrafts

Amounts due                             8,398,207                      5,138,399
to shareholders

Current                                42,644,470                     12,283,715
portion of term loans

Current                                23,770,364                     19,411,796
portion of long term
accounts payable

Other current                          23,365,612                     14,418,220
liabilities

                                      374,651,199                    329,623,445

TOTAL EQUITY                        1,452,631,003                    824,350,999
AND LIABILITIES


Investcom LLC (Formerly Investcom Holding (Luxembourg), S.A.)

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 December 2005

                                             2005                           2004
OPERATING                                     US$                            US$
ACTIVITIES

Profit before                         277,381,081                    230,684,613
taxation

Adjustments for:

Share of                             (16,259,022)                    (9,637,107)
results of associates

Provisions                              7,386,589                             -

Depreciation,                         116,788,205                     57,835,695
amortization and goodwill
written off

Provisions                              3,186,494                      4,104,868
for doubtful debts

Doubtful                                  142,063                         31,961
debts written off

Loss (gain)                               103,945                    (5,237,619)
on sale of subsidiaries
(net)

Gain on                                  (82,370)                       (50,538)
disposal of held for
trading securities

Negative                              (1,543,101)                              -
goodwill arising from
acquisition of
subsidiaries

Finance                               (9,799,937)                    (4,316,895)
income

Finance costs                          19,725,552                      9,864,586

Operating                             397,029,499                    283,279,564
profit before
working capital
changes:

  Inventories                            (85,960)                      (859,011)
  Receivables                        (33,826,650)                   (19,539,260)
  Payables                             32,128,001                     52,330,698

Cash from                             395,244,890                    315,211,991
operations

  Taxation                           (69,302,025)                   (44,172,640)
  paid

Net cash from                         325,942,865                    271,039,351
operating
activities

INVESTING ACTIVITIES

Disposal of                                     -                        (5,730)
investments,
net of (cash)
overdraft
disposed of

Acquisition                             1,181,926                  (100,650,000)
of a subsidiary,
net of cash acquired

Acquisition                          (41,176,845)                   (28,045,997)
of investments
in associates

Disposal of                            27,783,987                        957,906
investment in
associates

Purchases of                        (257,134,201)                  (155,823,030)
property, plant and
equipment

Proceeds from                           2,568,626                              -
disposal of property,
plant, and equipment

Purchases of                          (1,094,785)                         93,320
held for trading
securities

Proceeds from                             478,706                      7,199,419
disposal of available for
sale securities

Advance                              (24,778,789)                   (19,150,002)
payments on assets
purchased

Purchase of                          (85,281,504)                   (39,255,185)
intangible assets

Acquisition                                     -                    (1,753,987)
of additional shares in a
subsidiary

Dividend                               11,347,680                      3,280,222
income from associates

Finance                                 9,799,937                      4,316,895
income

Net cash used                       (356,305,262)                  (328,836,169)
in investing activities


FINANCING ACTIVITIES

Proceeds from                         93,324,805                      25,615,042
term loans

Repayment of                         (5,380,129)                     (3,725,055)
term loans

Proceeds from                         53,273,485                      52,241,939
long term accounts
payable

Repayment of                        (16,373,569)                    (15,056,996)
long term accounts
payable

Proceeds from                              3,172                       7,714,158
long term receivables

Receipts from                          3,259,808                     (8,243,891)
/ (repayments to)
shareholders

Distribution                        (15,000,000)                    (15,600,000)
of dividends

Finance costs                       (19,725,552)                     (9,864,586)

Minority's                           (2,366,960)                     (1,335,628)
share in dividends
distributed by
subsidiaries

Increase in                          303,164,755                               -
share capital

Net cash from                        394,179,815                      31,744,983
financing activities

NET INCREASE                         363,817,418                    (26,051,835)
(DECREASE) IN CASH AND CASH
EQUIVALENTS

Net foreign                            2,599,013                       (979,119)
exchange difference

Cash and cash                          9,446,959                      36,477,913
equivalents at the
beginning of the year

CASH AND CASH                        375,863,390                       9,446,959
EQUIVALENTS AT THE END OF
THE YEAR

                                     -Ends-

For more information please contact:


Investcom LLC

Elie Bardawil, Investor Relations Officer, on +44 20 7307 5341 or
[email protected]



Capital MS&L


Neil Doyle on +44 20 7307 5330 or +44 777 1978 220 or on
[email protected]


Claire Maloney on +44 20 7307 5330 or +44 777 0958 479 or on
[email protected]



About Investcom

Investcom LLC (www.investcomllc.com) is an international provider of mobile
telecommunications services with operations in eight countries in Asia, Africa,
and Europe.  The company operates GSM networks, mostly under the AreebaTM brand,
in Syria, Ghana, Yemen, Benin, Liberia, Cyprus, Guinea-Bissau and Sudan.
Investcom has also recently been awarded GSM licenses to build and operate
mobile networks in Afghanistan and Guinea, expanding its operations to ten
countries and boosting its combined population under license to approx. 147
million.


The company also provides international carrier services, principally through
its operations in Monaco, fixed telephony services in the United Kingdom and
telecommunications engineering and consulting services.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                  

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