Caricel shares acquired by South African investor
The operations of Caricel, Jamaica’s LTE broadband network, has been acquired by South Africa’s Involution Limited under a sale agreement negotiated last October.
“Our choice of this progressive and innovative South African investor is part of our commitment to secure for our customers the best internet experience in the country at reasonable prices,” Lowell Lawrence, Director and CEO of Caricel said in a release.
“We expect this to create a positive impact on our economy in that it will allow entrepreneurs, students and families to grow their businesses and improve their quality of life,” he added.
Chairman of Involution Limited, Gustav Schoeman was quoted as saying that “this investment in Jamaica represents our company’s expansion of its global footprint as we seek to create a connected world where technology will drive the transfer of knowledge, and economic development”.
Caricel is a Jamaican-owned telecommunications company providing mobile data services to businesses and residential customers.