James Maclaurin has been appointed CFO of Celtel International, as part of a strategy to direct the company`s growth on the African continent.
"Maclaurin is set to play a key role in mobilising the company`s 50% annual growth, as well as accommodate future expansion," says Martin DeKoning, chief spokesman for Celtel International.
DeKoning says Celtel`s parent company, Mobile Telecommunications Company, posted net profit of $477.91 million for the first six months of 2006.
"Most of the revenue generated by the company is injected back into economically viable markets on the continent for further growth."
He says Africa was the fastest growing global market for the telecommunications industry in 2005, ahead of Europe and North America. "Africa is an unsaturated market that needs strong financial leadership to guide it past the downfalls of the market."
Celtel has operating licences in 14 African countries, covering one-third of Africa`s population (270 million), he says.
DeKoning says the company is actively looking for new ventures in the African market with particular short-term focus on Ghana and Senegal.
He adds that Celtel grows by around 100 000 subscribers per week, with strong growth patterns in Sub-Saharan Africa. The company is looking into untapped markets and is wary of SA because of the already strong mobile presence in the country.
The most recent Celtel acquisition was a 65% share into Nigerian mobile operator V-Mobile for $1.005 billion. DeKoning notes this new market brought in five million active subscribers, with potential to grow in the future.
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