Kenya Data Networks (KDN) has revealed that it hopes to offload a significant equity stake to a strategic investor in December as a way of securing a much needed cash injection, and to help it recover from financial losses. KDN’s chief executive Shahab Meshki has indicated that the search for an investor has attracted a number of local and foreign firms, commenting: ‘We have identified a number investors and the matter will be made public within the next two to three months as the firms are still conducting due diligence’.*According to TeleGeography’s GlobalComms Database, KDN is currently owned by the Sameer Investment Group (39.2%) and Altech (60.8%). South Africa-based Altech acquired a 51% stake in KDN plus controlling stakes in ISP sister companies Infocom (Uganda) and Swift for a total of USD75 million in March 2008, before upping its stake in September 2009
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OVETEL KDN seeks strategic investor to provide cash injection
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