Kenya mobile firm inches closer to Bond

July 20, 2009
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NAIROBI, Kenya, Jul 20 – Arrangements for the planned Sh12 billion Safaricom Corporate Bond are expected to be complete by the end of this month, the company said on Monday.

This is after the company selected Barclays Bank, ABSSA and CFC Stanbic last week to help it raise the funds needed for an expansion program.

Safaricom Chief Commercial Officer Peter Arina said the funds would be used to facilitate the company’s growth, especially in the emerging data business.
 
“We are currently in the middle of the signing process and I believe somewhere at the end of this month the signing of the final documentation should take place,” Mr Arina said.  

Already, he said, Barclays Bank Kenya has launched a Sh5 billion seven-year bond to support long-term lending.

The mobile phone company has further announced plans to upgrade its retail network in the country. Mr Arina said Safaricom had set aside Sh370 million to set up 16 retail centers countrywide during this financial year.

Ten shops have already been upgraded and another 13 established to place the firm’s network at 23 outlets countrywide.

Mr Arina revealed that the firm intends to increase its footprint further in Central, Rift Valley, Eastern and North Eastern provinces to match its coverage reinforced by its 3G network.
 
Speaking during the opening of the refurbished Safaricom Premier retail shop at I&M Building, Mr Arina said the new outlet would bring closer a wide range of products and services to the firm\’s PostPay subscribers in the city centre.
 
“We have spent Sh35 million to upgrade the shop and will offer targeted customers convenience, comfort and speed compared to standards in the world,” he said.

"We are focused on adding value to our subscribers\’ experience by offering a one-stop shop experience that allows them to make an informed decision when making their purchases.”

 

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