Telecom

Cabo Verde Telecom to merge with subsidiaries on Jan 1, 2023

Cabo Verde Telecom to merge with subsidiaries on Jan 1, 2023
Thursday, 15 December 2022 18:52

In April 2021, the Cabo Verdean government renewed incumbent operator Cabo Verde Telecom’s concession, giving it more operating power. The operator then embarked on a reorganization process to move into new segments as the traditional business segment was declining. 

Cabo Verdean incumbent operator Cabo Verde Telecom (CVTelecom) will merge with its subsidiaries CVMóvel and CVMultimedia on January 1, 2023. This will allow it to market fixed and mobile telecom services as well as on-demand Internet and TV services to bring more value to its clients and shareholders.

The merger plan was announced by board chairman João Domingos de Barros Correia in a letter sent to his partners on Tuesday 13 December.

The merger project was first disclosed, in September 2021,  in the company's 2020 financial report. It is part of a reorganization process that began after the Cabo Verdean government approved by decree (in April 2021) the changes to its electronic communications public service concession contract, allowing the operator to reorganize its operations as needed. 

"The merger of the CVTelecom Group of companies will allow the technological convergence of infrastructure, information systems and market offerings. This process will result in additional gains such as reduced time-to-market and improved competitiveness of the company and the sector, which are key and decisive factors for boosting the digital economy and the internationalization of companies," said João Domingos de Barros Correia.

The project will improve service quality and client experience. For the state-owned telecom company, this should ensure operational growth that will lead to higher financial revenues. According to the 2021 financial report, CVTelecom recorded a 36.5% growth in revenue in 2020 to Esc284 million (US$2.7 million). In the same year, the operator's sales increased by 7.9%.

Isaac K. Kassouwi

On the same topic
Cameroon invested $45.2-54.2 million in fiber optic infrastructure, but it remains largely underutilized. Consumers continue to report...
Mauritania warns three telecoms over poor service in 62 locations Demands compliance in 30 days or face new sanctions Operators previously...
AXIAN and four VCs poured €3M into Nucleon to expand AI cyber-defenses across Africa. Nucleon’s self-learning Zero-Trust platform already...
• Morocco, Mistral AI sign deal to boost local AI expertise• Partnership targets training, research, and ethical AI adoption• Strategy aims for 270,000...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
03

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
04

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
05

Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...

Sub-Saharan Africa Crypto Transactions Up 52% to $205B on Inflation, Inclusion Push
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.