Yu says expansion coming
BUSINESS| Aug. 16, 2012, 9:14 a.m.
Yu mobile says it plans to raise capital to fund expansion, in the face of reports that Essar group plans to pull out of Kenya.
Reports last week said Indian company Essar Group planned to sell its 72% stake in Essar Telecom Kenya, which operates Yu mobile.
Yu Mobile, Kenya’s fourth-largest operator, is estimated to be worth several hundreds of millions of dollars.
However, Yu mobile management said it was ‘bullish’ about the company’s future in Kenya and said it was planning expansion.
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