Smile Group Secures $120M From Al Nahla Group to Expand Footprint in Tanzania
Smile Telecoms Holdings Ltd (Smile Group), a Pan-African telecommunications group with operations in Tanzania, Nigeria, Uganda, and the Democratic Republic of the Congo, has announced receiving a commitment from its shareholders-related entity Al Nahla Group, to expand its network footprint in Tanzania.
During the recent visit of the high delegation representatives from Smile Telecom Holding Board and Senior Management, the commitment of USD$120 million (approx. UGX447.7 billion, TSH279.7 billion) from Al-Nahla Group, now 100% shareholder and owner of Smile Telecoms Holdings Limited through one of its related entities, 966 Co. S.a.r.l. was confirmed to Smile Communications Tanzania.
In early February 2022 following the Company’s Restructuring Plan, Smile announced it was business as usual for 966.
The Al-Nahla Group was established by the late H.E. Hassan Abbas Sharbatly, who previously founded Riyad Bank. Today the group owns circa 9% of Riyad Bank, listed on the Saudi Stock Market.
The holding company focuses on the automotive, real estate, trading, marine, renewable energy, telecommunications, and investment sectors. Its two companies in the automotive sector import and have exclusive dealerships with brands such as Audi, Porsche, Ferrari, and Bentley.
In real estate, the Family is behind mega projects in the Middle East, such as City Stars in Egypt. Its investments focus on the Kingdom of Saudi Arabia, the Gulf, Egypt, and a few industrial sectors in Africa.
The recapitalization implemented via the Restructuring Plan will strengthen and provide new funding to allow Smile Telecoms Group to safeguard its operations and deliver its commercial objectives.
Smile Communications Tanzania has been expanding its operations, covering a wider on-ground area in terms of coverage, rapidly over the past two years while also growing its subscriber base. Over the past two years, with Zuweina Farah at the helm, Smile Tanzania has invested in the redesign and expansion of its network to offer customers improved internet services with even faster data speeds.
Smile’s customers’ growth over the past two years has been very positive, as it continues to deliver superior, reliable SuperFast internet to customers. Smile Tanzania is currently working to upgrade existing infrastructure and facilitate the roll-out of new technologies, across Tanzania.
The Smile Group CEO Ahmad Farroukh and Smile Tanzania Chairman said “following Smile Tanzania’s recent investment in network expansion, we are excited to bring the best 4G LTE broadband internet services to customers in Tanzania”.
“Dar es Salaam was the first city in Africa to experience true 4G LTE internet in May 2013. The people in Tanzania will experience another first, enabled by the latest 4G LTE technology when they connect to Smile Internet with speeds of up to 50Mbps,” he commented.
“We look forward to expanding our services nationwide and we thank the Government of Tanzania, specifically the Ministry of ICT, Ministry of Industry, Trade and Investment, the Tanzania Communications Regulatory Authority (TCRA), and the Tanzania Investment Center (TIC), for their continued support while strengthening our operations and expanding our network”. Smile Tanzania Country Manager Zuweina Farah said.
“We are and stay committed to our people in Tanzania and aim to continue to offer the best 4G LTE broadband internet services in Tanzania,” She added.
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