Econet Forms Strategic Relationship in Sth. Africa

MEDIA RELEASE
23 January 2004

Econet Forms Strategic Relationship in South Africa

Econet Wireless New Zealand’s South African based parent company, Econet Wireless Global (EWG), has announced a strategic relationship with Allied Technologies Limited (“Altech”). Altech is a large South African technology company listed on the Johannesburg Stock Exchange.

Terms of the arrangement will see US $70 million of capital placed into EWG to develop business opportunities in telecommunications. EWG owns 65% of Econet Wireless New Zealand.

Econet Wireless New Zealand is excited by the continued high double digit growth of the NZ mobile communications market. Econet still sees the duopolistic structure of the NZ cellular market as providing an opportunity for a new entrant.

Econet Wireless New Zealand still has plans to develop its 1800 mhz and 2100mhz spectrum and will make an announcement in the medium term.

ENDS

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