Portugal Telecom says Africa has major growth potential

13 August 2007

Lisbon, Portugal, 13 Aug – Africa has one of the world’s highest potentials for economic expansion and Portugal Telecom (PT) is mulling the creation of a holding company in a Lusophone African state to expand its business on the continent, the company’s CEO has said.

In an interview with Portuguese weekly newspaper Expresso, Henrique Granadeiro said Africa is one of the regions with “most growth potential,” and the country that is showing the biggest growth in the world is Angola, “although there are others.”

“We believe we are in a position to create an African holding company, based in one of the Portuguese-speaking African state with aspirations of becoming an international financial market”. The establishment of this African presence by PT will help generate the “social and economic development that these countries will need,” added Granadeiro.

PT’s CEO said his group would like to increase its shareholding in Angola’s Unitel operator, where it currently has a 25 percent stake, but other partners in the venture “are not selling.”

“We will have to face the third generation, a new operator, and look beyond Luanda in Angola because a country with such growth needs telecoms as the oxygen of its development.” (macauhub)