PMEA.L Regulatory News (PMEA)

17 Mar 2008 14:59

PME African Infrastructure Opps PLC17 March 2008 17 March 2008 PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC ("PME" or the "Company") (AIM: PMEA.L; PMEW.L) PME announces Dovetel transaction PME African Infrastructure Opportunities plc, the AIM listed fund investing ininfrastructure projects across sub-Saharan Africa, today announced thecompletion of an investment in Dovetel (T) Limited ("Dovetel"). Dovetel is a telecommunications start-up based in Tanzania which has receivedMinisterial approval on its national licence application to providetelecommunications services throughout the country. Dovetel will deploy afully-converged next generation (3G) network and aims to deliver high qualitybroadband, data and voice services throughout the country using a CDMAtechnology platform. Investment highlights: * PME has agreed to provide Dovetel with up to US$26 million in financing inorder to roll-out its 3G network platform throughout Tanzania over a two tothree year period. * PME has acquired a 65% shareholding in Dovetel. Dovetel has signed a management service contract with TMP Management AS ("TMP"),which is a Norwegian based spin-off from the multinational telecommunicationsgiant, Telenor ASA. TMP has a wealth of experience in building and managinglarge telecommunication networks in developing countries, particularly in Africa, and will be responsible for providing all requisite management and technicalexpertise. Richard Bouma, CEO of PME Infrastructure Managers Limited, commented: "Dovetel and the relationship with TMP are at the heart of PME'stelecommunication strategy. We believe that Tanzania's continued economicdevelopment and the spectacular growth in mobile penetration rates areinextricably linked. We are excited to be investing in the next phase of thisgrowth, which we believe will bring converged IP-based voice, broadband and dataconnectivity to a rapidly increasing percentage of the Tanzanian population." Further enquiries:Principle Capital on behalf of Anne Dalen +44 20 7240 3222PME InfrastructureManagers Limited Smith & Williamson Azhic Basirov +44 20 7131 4000Corporate Finance Limited Fairfax I.S. PLC James King +44 20 7598 5368 Bell Pottinger Dan de Belder +44 20 7861 3232 On behalf ofHelvetica (Isle of Man)Company Limited Clara Parisot +41 798 249 788 Note to Editors: - PME African Infrastructure Opportunities plc ("PME") is a company investing insub-Saharan African infrastructure and infrastructure related industries. Itsshares were admitted to AIM in July 2007 raising US$180 million. - PME was established to invest in sub-Saharan African infrastructure andinfrastructure related industries with a view to generating attractive returns,principally through capital growth. It is targeting opportunities arising fromyears of under investment in sub-Saharan African infrastructure where thatinfrastructure will be instrumental in allowing the continent's economicdevelopment to continue to grow. - The Investment Manager is PME Infrastructure Manager Limited ("PMEIM").PMEIM is responsible for identifying new investment opportunities. - PMEIM is a joint venture between Principle Capital Holdings S.A. (AIM: PCX.L),Unicos Partners LLP (holding company of the Helvetica Group of companies),Masazane Capital (Pty) Limited and the interests of Richard Bouma, CEO of PMEIM. This information is provided by RNS The company news service from the London Stock Exchange