WAEMGF invests €5mln in Surfline

PCM Capital Partners, managers of the $50 million West Africa Emerging Growth Fund or WAEMGF, have announced a €5 million equity investment in Surfline Communications, a provider of 4G LTE data and related services to residential, SME and Corporate clients in Ghana. As part of the deal, J. Mawuli Ababio, the Partner who led the transaction for PCM Capital, will take a seat on Surfline’s Board. Additional terms of the deal were not disclosed.

Surfline, which now has about 75,000 subscribers, was first incorporated in 2011, receiving a Broadband Wireless Access license from Ghana’s National Communication Authority in 2013 enabling it to begin its commercial rollout in 2014. Currently, its operations cover the metropolitan areas of Accra and Tema, and Sekondi-Takoradi. The company plans further network expansion in metropolitan Kumasi and other regional capitals over the course of 2016.

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