PIC in R800 million funding deal with Allied Mobile Africa
Allied Mobile Africa has signed a finance and partnership agreement with the Public Investment Corporation (PIC) for debt funding facility of $55 million (R800million).
The facility will be used to drive the company’s growth in South Africa and its expansion on the rest of the African continent.
Allied Mobile is a cellular product distributor and 3rd-party logistics provider to the mobile telecommunications industry in Africa.
Leveraging its position in South Africa and other existing markets, the company says it has been rapidly expanding its presence into a group of high-growth African countries, with sales volumes expecting to grow between 15% and 20% annually.
These countries include Mozambique, Namibia, Zambia, Uganda, Rwanda, DRC, Angola, Zimbabwe, Lesotho, Swaziland, Botswana and Kenya.
“Allied’s objective is to be present in every country in Africa and the recent funding from the PIC will assist us in achieving this,” said the Allied Group CEO Jacqueline Cole-Courtney.
“Our geographical expansion program is being conducted in a very cost-effective and efficient manner, as the core operations are run from Allied’s existing Sub-Saharan offices which include eight major hubs and four repair centres located throughout Sub-Saharan Africa, with certain central core functions located in a centralised offshore office, which eliminates the need to duplicate functions.”
More on PIC
PIC to sell off some of its stake in Vodacom
PIC wants a bigger bite of Vodacom: report
Loading ...