Paratus Africa CEO Barney Harmse on expansion plans

Paratus Namibia, a Pan-African network Connectivity Company, has recently raised $50 million through a rights issue to support the expansion of its telecommunications infrastructure in major Namibian cities. Despite facing economic challenges and political uncertainty in the country, CEO Barney Harmse remains confident in the decision to invest in Namibia, emphasizing the importance of continuous growth and development in the telecommunications sector across Africa. The company's focus on long-term sustainability and vision for future expansion drives their commitment to shareholders and the promise of returns on investment. With plans to increase their capital from $300 million to $500 million, Paratus Africa is gearing up for significant growth and success in the region. In a recent interview with CNBC Africa, Barney Harmse discussed the company's expansion plans and the rationale behind their decision to invest in Namibia amidst challenging economic conditions. Despite the country's low growth expectations and significant political uncertainty following the reshuffling of a finance minister, Harmse expressed the need for increased infrastructure investment to support the telecommunications sector in Namibia and beyond. Harmse highlighted the critical role of infrastructure development in ensuring reliable and efficient telecommunications services, emphasizing the long-term vision and sustainability of such investments. Paratus Namibia's recent rights issue, which raised $50 million, will primarily be allocated to fiber and LTE mobile data projects, aiming to enhance connectivity and expand coverage in key urban centers. The CEO underscored the company's commitment to shareholders, outlining the benefits of investing in infrastructure projects with long-term returns. By increasing their capital from $300 million to $500 million in the near future, Paratus Africa aims to position itself as a key player in the telecommunications industry, driving innovation and connectivity across the continent. As Paratus Africa continues its expansion in Namibia and other African markets, the company remains focused on delivering cutting-edge telecommunications solutions and driving technological advancement in the region. With a strong emphasis on sustainable growth and strategic vision, Paratus Africa is poised to make a significant impact on the telecommunications landscape in Africa.