Virgin Mobile eyes South Africa with $100m fund
Virgin Mobile is raising up to $100 million from investors and private equity groups to roll out the Virgin Mobile brand to at least six new markets including South Africa, the Financial Times reported on Monday (15 October).
Virgin Mobile, a mobile virtual network operator that aims to reach $3 billion in worldwide revenues by 2020, is seeking to expand to Brazil, Colombia, Chile, Poland, South Africa and Oman. It currently has 18 million subscribers in nine countries.
In June, Virgin partnered with the Friendi Group, a Middle East-focused mobile virtual network operator, to create Virgin Mobile Middle East and Africa, based in Dubai.
According to the Financial Times, the venture boasts 1.2 million customers and annualised revenue of $150 million, including South Africa, which has close to 400,000 customers.
According to the UK scribe, Virgin is forecasting annual mobile revenues of $1 billion from the Middle East and Africa by 2020.
In August Virgin Mobile South Africa appointed Jonathan Marchbank as the company’s new CEO. Former chief executive, Steve Bailey stepped down from his post at the end of May.
In July, Virgin Mobile South Africa said it would close 30 of its current 38 stores across the country, as part of a plan to revise its distribution footprint. It added that the initiative was expected to conclude during the first half of 2013.
Related articles
Virgin Mobile SA appoints new chief
Virgin Mobile SA to reduce store footprint
Virgin Mobile SA says CEO identified
Virgin eyes MEA region through Friendi merger
Virgin Mobile SA mum on dilution rumour
Virgin Atlantic okays in-flight mobile calls
Loading ...