Private investors sign up for stake in TEAMS project (Kenya)

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Private investors sign up for stake in TEAMS project (Kenya)

April 15, 2008

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The East African Marine System (TEAMS) cable project has received a big boost with the signing of a project financing agreement between the Kenyan government and several private companies. According to the new shareholder agreement, Safaricom and the Government of Kenya will have 20 per cent stake each in the project, Wananchi Telecom will have 10 per cent, France Telecom will have 10 per cent, Econet Kenya will have 10 per cent, Jamii Telkom will have 4 per cent, and Kenya Data Network and Celtel will have a joint 10 per cent stake. Alcatel-Lucent recently won the contract to build the TEAMS cable system, which is expected to be complete by the second quarter of 2009.