Millicom, Rocket Invest in MTN's Online Venture in Africa
STOCKHOLM -- Millicom (MIICF)(STO:MIC), the international telecommunications and media company and Rocket Internet have signed an agreement to partner with MTN to develop their African online company AIH. Together the three companies will fast track the development of AIH leveraging on MTN’s and Millicom’s highly complementary footprints in Africa and Rocket Internet’s know-how in online services.
Africa Internet Holding will become an associate of Millicom, MTN and Rocket Internet with each partner owning one third of the share capital and having equal representation on the Board of the company.
AIH offers a broad range of services from real estate classifieds to electronics marketplace, food delivery to fashion e-commerce and hotel booking to taxis ordering. It is now active in 13 African countries. In the past twelve months, AIH has accelerated its development and launched six new ventures (Hellofood, Kaymu, Lamudi, Carmido, Easy Taxi and Jovago) and entered nine new markets (Kenya, Senegal, Ghana, Uganda, Rwanda, Algeria, Tanzania, Tunisia and Ivory Coast). In less than one year, Jumia, the African leading online retailer, has become the #1 online retailer in five major African countries (Nigeria, Egypt, Kenya, Morocco and Ivory Coast). In October 2013, Jumia has been awarded the "Best new retailer launch of the year" at the prestigious “World Retail Awards”, making it the first African company to ever be awarded. The latest initiatives from AIH include the launch of Kaymu, Africa’s leading marketplace, in Ghana and the integration of Millicom’s mobile financial services product with AIH services in Rwanda and Tanzania.
Millicom International Cellular SA (Nasdaq: MICC)