Singapore Telecommunications : Bharti Airtel and Millicom sign agreement to combine operations in Ghana

General Announcement::Bharti Airtel and Millicom sign agreement to combine operations in Ghana

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General Announcement::Bharti Airtel and Millicom sign agreement to combine operations in Ghana Issuer & Securities

SINGAPORE TELECOMMUNICATIONS LIMITED

Announcement Details

General Announcement

Announcement Sub Title Bharti Airtel and Millicom sign agreement to combine operations in Ghana

Attached is a press release made by Bharti Airtel Limited, an associated company of Singapore Telecommunications Limited.

NR-20170306-BAL.pdf

Total size =115K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementToday&F=O99T...

6/3/2017

• Both companies to have equal ownership and governance rights in the combined entity

• Joint entity will be astrong No.2 operator with nearly 10 million customers including

  over 5.6 million data customers

• Combined entity to deliver superior voice and data seNices over awider network footprint

• Combined network to cover more than 80% of Ghana's population with high speed data,providing the widest 3G coverage across the country

S.A. ("Millicom") today announced that they have, through their respective subsidiaries,entered into an agreement for Tigo Ghana Limited and Airtel Ghana Limited to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity.

The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghana's population with high speed data, providing the widest 3G coverage across the country, and would have revenues close to USO 300 million, making it one of the largest communications companies in Ghana.

The transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.

By integrating the two networks, the combined business is expected to provide Ghanaian customers with a major boost in both rural and urban network coverage - in turn translating into better voice quality ,high speed data services and reinforced network stability and resilience. With the combined fibre footprint and increased number of data centres, enterprise customers - including both large corporations and SMEs - would have access to a diverse portfolio of world-class solutions. Mobile Financial Services will also be greatly enhanced with combined agent networks and platforms.

Mohamed Dabbour, Executive Vice President, Millicom Africa, said: "In a highly fragmented telecom market, this deal represents a major milestone for our business in Ghana.The combination of Tigo and Airtel will create an operator that will be able to offer Ghanaian consumers and businesses a state of the art network with high speed mobile data coverage.This transaction underlines confidence in the Ghanaian economy, and provides the opportunity to develop nationwide digital infrastructure and services in Ghana."

Bharti Airtel Limited is a leading global telecommunications company with operations in 17 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 3 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services,mobile commerce, fixed line services, high speed home broadband, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G and 4G wireless services and mobile commerce. Bharti Airtel had over 368 million customers across its operations at the end of January 2017. To know more please visit, www.airtel.com

Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services through its principal brand, Tigo.Millicom employs more than 16,000 people and provides mobile services to more than 57 million customers, with a Cable footprint of more than 8.1 million homes passed. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2016, Millicom generated revenue of USO 6.25 billion and Adjusted EBITDA of USO 2.22 billion.

This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11.45 am GET on 3 March, 2017.