[2008-06-18]   Safaricom in expansion plan
Safaricom will retain Kenya as its focus market, at least over the next 24 months.
The company however revealed that it may return to the market to source funding for its expansion. “A lot of questions have been asked as to when we intend to expand into the region. What I want to say is that for the next 12 to 24 months Kenya will be our main focus,” chief executive Michael Joseph said on Tuesday.
The regional leading mobile service provider listed at the Nairobi Stock Exchange last week, with the Government selling 25 percent of its stake to the public. Priced at KSH5 per share, the price has risen to close on Tuesday at high of KSH8.05 with players estimating that it was a matter of time before it hit KSH10 per share.
To finance network expansion and customer growth, currently at over 10 million, the chief executive said that the company could tap the market for additional financing. “We might be back in the market in six months or a year’s time to look for more funding to finance our expansion,” he said.
The money will go towards extending its network coverage currently placed at 85 percent of Kenya’s population and 30 percent of the country’s land mass.
Priced as the third largest mobile service provider company on the continent, Safaricom will also be preparing to ward off competition from new entrants expected in the year.

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