Credible information reaching ADOMBUSINESS indicates that the Jospong Group of Companies (JGC) is very close to being owners of Expresso Telecoms, the only CDMA operator in the country.
There is very scanty information about the deal, but reliable sources close to the negotiations told ADOMBUSINESS a deal was nearly closed between the embattled owners of Expresso, Sudan Telecoms (Sudatel) and Jospong about two months ago, but it has delayed for a number of reasons.
Pundits have suggested that the delay could be because Jospong was going through challenges in its dealings with GYEEDA, which has eventually resulted in the company being ordered by Ghana government to refund over GHC140m to the state, as moneys wrongfully paid to it by GYEEDA.
But a reliable source debunked that assertion and said the delay is from Sudatel?s side. Sudatel is owned by the Sudanese government so all of its dealings are fraught with politics and administrative bureaucracies; plus it also needs to sort out debt issues before closing the deal with Jospong.
Some top officials of Expresso Ghana confirmed to ADOMBUSINESS that the workers are aware the telco is for sale. They said the Managing Director, El Amir Ahmed El Amir has been shuttling between Ghana and Dubai very frequently lately to participate in negotiations for the sale. The sale is being managed from Dubai where Expresso is headquartered.
Sudatel has been struggling to run its operations in Africa effectively due to international sanctions on Sudan. Moving money around to recapitalize the telco has been a herculean task for Sudatel. Recently it sold its 70% shares in Nigeria?s Intercellular as well. But it still has operations in Senegal, Mauritania and Guinea.
Expresso Ghana itself has been suffering badly for many years, losing subscribers every month and unable to fulfill financial obligations to some business partners. With 147,731 subscriptions as at October 2013, Expresso now has a paltry 0.54% market share.
Source-ADOM
