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Key Points
- AXIAN Telecom secured $600 million via oversubscribed bonds to refinance debt and expand digital infrastructure across Africa.
- The bond, priced at 7.25%, drew strong global demand, signaling faith in AXIAN’s leadership and Africa’s rising digital economy.
- AXIAN now serves over 42.9 million mobile users and invests in Jumia and broadband projects to deepen its pan-African digital footprint.
AXIAN Telecom, the pan-African telecom group led by Malagasy businessman Hassanein Hiridjee, has raised $600 million on international bond markets, an effort aimed at strengthening the company’s financial footing and reflecting renewed investor interest in Africa’s digital infrastructure sector.
The senior bond, arranged by JP Morgan, Standard Bank, and Standard Chartered, matures in 2030 and was nearly three times oversubscribed. It was priced at a 7.25 percent coupon with a final yield of 7.375 percent, lower than initial estimates. The strong demand points to growing confidence in well-run African companies, even amid global economic uncertainty.
Bond funds to boost African connectivity
The proceeds will be used to refinance existing debt and support general corporate needs, including expanding AXIAN Telecom’s digital infrastructure across the continent. This is part of the company’s broader goal to improve digital access and connectivity in the regions it operates.
“This bond issuance reflects the strength of our diversified business model and the trust investors have in our long-term plans,” said CEO Hassan Jaber. “It gives us the momentum to do more, connecting more people and helping communities participate in the digital economy.”
AXIAN expands mobile user base
Based in Mauritius, AXIAN Telecom now serves more than 42.9 million mobile subscribers and 15.2 million users of mobile financial services, making it the sixth-largest mobile operator in Africa. Under Hiridjee’s leadership, revenue climbed from $1.08 billion to $1.4 billion last year, driven by rising demand for 4G and 5G services.
Earlier this month, the company secured a €25 million ($28.8 million) loan from the International Finance Corporation through its Comorian unit, Yas Comoros. The funds will be used to improve telecom infrastructure and enhance connectivity between the islands—a crucial step for digital inclusion in the region.
AXIAN bets big on e-commerce
AXIAN has also expanded its footprint through strategic investments. It recently acquired a 9.18 percent stake in e-commerce platform Jumia, now valued at around $35 million, further underscoring its commitment to Africa’s growing digital ecosystem. The group has been attracting development finance as well.
In January, AXIAN received $160 million from the African Development Bank to support its digital and financial services. Three months later, it secured another $100 million from EIB Global to fast-track broadband rollout in Madagascar and Tanzania, two countries where demand for faster, more reliable internet continues to surge.
