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December 4, 2007 |
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DIGICEL LTD: Opens New Facility in Suriname Digicel Ltd. has launched its 23rd operation in the South American nation of Suriname -- heralding the end of a 25 year telecommunications monopoly. Digicel has made an initial investment of US$60 million in building a state of the art network that offers coverage to many Surinamese communities for the first time ever. The Caribbean company is also the first operator to offer a contiguous service across the South American countries of Suriname, French Guiana and Guyana. With a population of close to 500,000 the Suriname's mobile penetration is estimated at just over 55%. Digicel Suriname is introducing a number of first to market services and high value offerings such as prepaid and postpaid roaming, rollover minutes, free activation, free voicemail as well as free credit with every prepaid account purchase. The widest range of handsets for all pockets have also been introduced including for the first time ever BlackBerry and Digicel's own exclusive range of Coral phones starting from as low as SRD 70 (US$25). His Excellency Mr Ronald Venetiaan, President of the Republic of Suriname, welcomed Digicel to Suriname adding: "We are heralding a positive new era in telecommunications development in Suriname and I'm delighted that Digicel has come to Suriname to be a part of this change. We are confident that the company will have a positive impact on the lives of the people of Suriname as well as encourage further growth in our economy." To date Digicel employs close to 150 Surinamese staff and it is estimated that an additional 1,000 jobs have been created through its local dealerships and partners. Digicel Suriname has opened 28stores and 5000 recharge locations and is headed by Philip van Dalsen, who brings more thansevenyears international experience in mobile and fixed telecommunications management. "Reaching our 23rd market is a significant milestone for us and I want to welcome Suriname to the Digicel family" said Digicel Group Chief Executive Officer Mr. Colm Delves. "This is going to be a very exciting market for us and bodes well for our growth strategy ahead as we continue to build our customer base and roll out network in the Caribbean and beyond. We are proud to offer the best coverage, the best quality and the best value to the people of Suriname." Digicel's investment in the Caribbean and the Central American region exceeds US$1.5 billion. In 2006 the company recorded a milestone of subscriber growth in excess of 100%, currently has more than 5.7 million customers and directly employs a total of 3,500 people. Digicel Ltd. is a wireless services provider in the Caribbean region founded in 2000, and controlled by Denis O'Brien. The company started operations in Jamaica in April 2001 and now offers GSM mobile services in Caribbean countries including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados, Bermuda, Cayman, and Curacao among others. Digicel finished FY2005 with 1.722 million total subscribers -- 97% pre-paid -- estimated market share of 67% and revenues and EBITDA of US$478 million and US$155 million, respectively. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2007, Fitch Ratings took these rating actions for Digicel Group Ltd., Digicel Ltd. and Digicel International Finance Ltd.: Digicel Group Ltd. -- Proposed US$1.4 billion senior subordinated notes due 2015 assigned 'CCC+/RR5' Digicel Ltd. -- Foreign currency Issuer Default Rating downgraded to 'B-' from 'B'; and -- US$450 million senior notes due 2012 downgraded to 'B-/RR4' from'B/RR4'. Digicel International Finance Ltd. --US$850 million senior secured credit facility assigned 'B/RR3'. Fitch said the outlook on all ratings is stable. |
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