Mitsui invests $50m alongside other investors to lead a $120m round of growth capital in Afrimax Group, to fund new LTE businesses in Sub-Saharan Africa

Sep. 15, 2015

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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) is pleased to announce that the Company has invested $50m in the Afrimax Group, a high speed mobile data communication operator in multiple Sub-Saharan African countries.

Currently less than 10% of mobile phone users in the region can access the Internet by broadband connection, on the other hand mobile data traffic in Sub-Saharan Africa is expected to increase rapidly, with a twenty-fold increase over the 2013 level predicted by 2019.

Mitsui is the first Japanese company to invest in an LTE business in Sub-Saharan Africa. Afrimax's state of the art LTE 4G mobile service will help spearhead the growth of high speed Internet access across Sub-Saharan Africa and meet the rapidly expanding demand for data communications in the region.

Afrimax was founded in 2011 by a group of mobile telephony entrepreneurs with extensive experience of creating and building telecommunications businesses in various parts of the world, including Africa, the Middle East, and Latin America.

In November 2014, Vodafone and Afrimax Group jointly announced a non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region.

Under this framework agreement, Vodafone Uganda was launched in February of this year combining the deployment of new high speed 4G LTE networks with the use of existing infrastructure for 2G/3G services. Afrimax is now accelerating its expansion into other Sub-Saharan African countries.

Mitsui has been involved in LTE since 2013 through its investment in the Indonesian LTE service provider "PT Internux", a joint venture with the Lippo Group, a major Indonesian conglomerate. Through its involvement with Afrimax, Mitsui will contribute to the improvement of the information and communications technology environment in Sub-Saharan Africa, a region that is expected to achieve sustained economic growth in the coming years. Mitsui's further involvement in the region alongside its existing business activities in social infrastructure and human networking, will, in addition, provide a platform for Mitsui to create a variety of new service businesses in Africa.

Mitsui's investment in Afrimax was developed under the new Business Innovation Project framework which was established by Mitsui in October 2012. The Business Innovation Project framework is designed to support new business endeavors which fit with Mitsui's new regional strategies and new business focus areas, and which have the potential to generate excellent investor returns over the longer term.

Profile of Afrimax

Company name Afrimax Limited
Location Group Head Office : Amsterdam, The Netherlands
UK Support Office, Heathrow, United Kingdom
Established January 2011
Representatives Peter Langkilde, Chief Executive Officer; Rob Philpott, Chief Financial Officer
Shareholders IFC and AMC (the World Bank Group), Torreal, Four G Capital etc.
Business outline High speed mobile data communications business in Sub-Saharan Africa

Vodafone Uganda service shop

Vodafone Uganda service shop

This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Hiroyuki Sakanaka
Telephone: +81-3-3285-7618
Facsimile: +81-3-3285-9819