Remgro-backed telecoms firm speeds up broadband expansion after $1 billion debt deal [Reuters]
TELKOM SA SOC LTD S/ADR (TLKGY)
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Source: Reuters
Remgro-backed telecoms firm speeds up broadband expansion after $1 billion debt deal JOHANNESBURG (Reuters) - A South African telecoms company backed by investment firm Remgro plans to expand its high-speed broadband network after completing a 16 billion rand ($1 billion) debt restructuring this week. The building of fiber optic networks in upmarket neighborhoods has intensified in the past five years, but has been confined to cities due to the high cost of laying down the infrastructure and the dominance of mobile internet. But as the price of fixed-line internet comes down and more customers seek faster connection speeds than those offered by 4G mobile technology, the chance to grab a bigger slice of the fiber market has been seized by Community Investment Venture Holdings (CIVH). With the backing of $7 billion investment titan Remgro, which controls 54.4% of the company, CIVH has over the past 24 months acquired two major fiber providers, Dark Fibre Africa (FDA) and Vumatel, in an
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