Hits Telecom Plans Two Acquisitions in First Half of 2012

Hits Telecom Holding Company (HITSTELE), a Kuwait-based telecommunications provider, plans two acquisitions in the first half of 2012, Chief Executive Officer Par Eriksson said yesterday.

“During the first quarter, we will definitely announce an acquisition in a country in Africa, and then we may announce the second acquisition in another country in the following quarter,” he said in a phone interview from Kuwait City. He did not give any more information.

Hits Telecom may also “close another loan in the beginning of next year” through a combination of local and Asian banks, Eriksson said. The company said on Dec. 5 it has agreed to a 158.8 million-dinar ($43 million) loan from Swiss-based Global Emerging Ltd.

Hits Telecom owns company stakes in Saudi Arabia, Spain, Liberia, Equatorial Guinea, Tanzania and Democratic Republic of Congo, he said.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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